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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3353762, Harvard University Department of Economics.
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