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On (Ultra) rationality and the corporate and government veils

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  • Yannis A. Monogios
  • Christos Pitelis

Abstract

The idea of (ultra) rationality in the context of changes in corporate and/or government savings stimulating offsetting responses in household savings has been the subject of theoretical and empirical controversy. This paper provides fresh evidence of the (ultra) rationality hypothesis, in the context of a generalized version of the life-cycle hypothesis of saving, for the case of the UK. The results suggest partial personal savings adjustment to government and corporate saving changes in the short and (to a lesser extent) the long run. This has important implications on the issues of 'rationality', 'fiscal policy' and financial capital accumulation. Copyright Blackwell Publishing Ltd and The Victoria University of Manchester, 2004.

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Bibliographic Info

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

Volume (Year): 72 (2004)
Issue (Month): 3 (06)
Pages: 382-402

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Handle: RePEc:bla:manchs:v:72:y:2004:i:3:p:382-402

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Cited by:
  1. Jan Behringer & Till van Treeck, 2013. "Income distribution and current account: A sectoral perspective," IMK Working Paper 125-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  2. Christian Belabed & Thomas Theobald & Till van Treeck, 2013. "Income Distribution and Current Account Imbalances," INET Research Notes 36, Institute for New Economic Thinking (INET).
  3. Jan Behringer & Till van Treeck, 2013. "Income Distribution and the Current Account: A Sectoral Perspective," INET Research Notes 35, Institute for New Economic Thinking (INET).
  4. Yoichi Matsubayashi & Takao Fujii, 2012. "Substitutability of Savings by Sectors: OECD Experiences," Discussion Papers 1215, Graduate School of Economics, Kobe University.

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