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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.

Suggested Citation

  • Konstantinos Drakos, 2002. "Myopia, Liquidity Constraints, and Aggregate Consumption: The Case of Greece," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 27(1), pages 97-105, June.
  • Handle: RePEc:jed:journl:v:27:y:2002:i:1:p:97-105
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    References listed on IDEAS

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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. Campbell, John Y & Mankiw, N Gregory, 1990. "Permanent Income, Current Income, and Consumption," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(3), pages 265-279, July.
    3. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, January.
    4. Abel, Andrew B., 1990. "Consumption and investment," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 14, pages 725-778 Elsevier.
    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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