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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.

Suggested Citation

  • Yannis A. Monogios & Christos Pitelis, 2004. "On (Ultra) rationality and the corporate and government veils," Manchester School, University of Manchester, vol. 72(3), pages 382-402, June.
  • Handle: RePEc:bla:manchs:v:72:y:2004:i:3:p:382-402
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    References listed on IDEAS

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    1. Stein, Ernesto H. & Streb, Jorge M., 1998. "Political stabilization cycles in high-inflation economies," Journal of Development Economics, Elsevier, vol. 56(1), pages 159-180, June.
    2. Bartolini, Leonardo & Drazen, Allan, 1997. "When liberal policies reflect external shocks, what do we learn?," Journal of International Economics, Elsevier, vol. 42(3-4), pages 249-273, May.
    3. Bussiere, Matthieu & Mulder, Christian, 2000. "Political Instability and Economic Vulnerability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 5(4), pages 309-330, October.
    4. Klein, Michael W. & Marion, Nancy P., 1997. "Explaining the duration of exchange-rate pegs," Journal of Development Economics, Elsevier, pages 387-404.
    5. James Forder, 2001. "The Theory of Credibility and the Reputation-bias of Policy," Review of Political Economy, Taylor & Francis Journals, vol. 13(1), pages 5-25.
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    Cited by:

    1. Christian A. Belabed & Thomas Theobald & Till van Treeck, 2013. "Income Distribution and Current Account Imbalances," IMK Working Paper 126-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. 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.
    3. 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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