Myopia, Liquidity Constraints, and Aggregate Consumption: The Case of Greece
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.
Volume (Year): 27 (2002)
Issue (Month): 1 (June)
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2436, National Bureau of Economic Research, Inc.
- Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1.
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"Consumption and investment,"
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in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 14, pages 725-778
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