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Consumption and Wealth: An International Comparison

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  • Sefton, J A
  • In't Veld, J W

Abstract

This paper derives the discrete-time counterpart of Blanchard's overlapping generations model of consumer expenditure. The model is combined with two different models of liquidity-constrained consumers; in the first the percentage of income accruing to such consumers is constant; in the second it is allowed to decrease over time. These models are estimated for five countries over the period 1967-92, and pass all standard specifications as well as some alternative non-parametric tests. Our estimates suggest that in Canada and the USA the number of liquidity-constrained consumers decreased substantially in the late 1970s and early 1980s. In Germany and the UK these changes occurred later and were less pronounced. Copyright 1999 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 67 (1999)
Issue (Month): 4 (September)
Pages: 525-44

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Handle: RePEc:bla:manchs:v:67:y:1999:i:4:p:525-44

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Cited by:
  1. Ricardo Mourinho Félix, 2005. "A macroeconomic structural model for the Portuguese economy," Working Papers, Banco de Portugal, Economics and Research Department w200513, Banco de Portugal, Economics and Research Department.
  2. Philip Arestis & Malcolm Sawyer, 1999. "The Economic and Monetary Union: Current and Future Prospects," Economics Working Paper Archive wp_282, Levy Economics Institute.
  3. Kortelainen, Mika, 2001. "Actual and perceived monetary policy rules in a dynamic general equilibrium model of the euro area," Research Discussion Papers, Bank of Finland 3/2001, Bank of Finland.
  4. Ozmen, Erdal & Parmaksiz, Kagan, 2003. "Policy regime change and the Feldstein-Horioka puzzle: the UK evidence," Journal of Policy Modeling, Elsevier, Elsevier, vol. 25(2), pages 137-149, February.
  5. Chris Stewart, 2003. "An International Comparison Of Long-Run Consumer Behaviour," European Research Studies Journal, European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 145-168, January -.
  6. Christian Dreger & Manuel Art�s & Rosina Moreno & Raúl Ramos & Jordi Suri�ach, 2007. "Study on the feasibility of a tool to measure the macroeconomic impact of structural reforms," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 272, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  7. Olivier Allais & Loic Cadiou & Stéphane Dees, 2001. "Defining Consumption Behaviour in a Multi-Country Model," Working Papers 2001-02, CEPII research center.

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