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Myopia, Liquidity Constraints, and Aggregate Consumption: The Case of Greece

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  • Konstantinos Drakos

    ()
    (Department of Economics, University of Essex)

Abstract

In this paper we investigate the behaviour of aggregate consumption in Greece. In particular, we document the empirical failure of the Life-Cycle/Permanent Income Hypotheses. The empirical findings imply that this failure is due to the presence of Liquidity Constraints rather than Myopia.

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Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 27 (2002)
Issue (Month): 1 (June)
Pages: 97-105

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Handle: RePEc:jed:journl:v:27:y:2002:i:1:p:97-105

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  1. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6 National Bureau of Economic Research, Inc.
  2. Andrew B. Abel, 1988. "Consumption and Investment," NBER Working Papers 2580, National Bureau of Economic Research, Inc.
  3. John Y. Campbell & N. Gregory Mankiw, 1991. "Permanent Income, Current Income, and Consumption," NBER Working Papers 2436, National Bureau of Economic Research, Inc.
  4. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1.
  5. Nicholas Apergis & Erotokritos Varelas & Kostas Velentzas, 2000. "Money supply, consumption and deregulation: the case of Greece," Applied Economics Letters, Taylor & Francis Journals, vol. 7(6), pages 385-390.
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Cited by:
  1. Manoel Bittencourt & Chance Mwabutwa & Nicola Viegi, 2012. "Financial Reforms and Consumption Behaviour in Malawi," Working Papers 201210, University of Pretoria, Department of Economics.

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