The excess smoothness and sensitivity of consumption in the V4 countries

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F19%3A43917435" target="_blank" >RIV/62156489:43110/19:43917435 - isvavai.cz</a>

Výsledek na webu

<a href="https://doi.org/10.11118/actaun201967061653" target="_blank" >https://doi.org/10.11118/actaun201967061653</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.11118/actaun201967061653" target="_blank" >10.11118/actaun201967061653</a>

Jazyk výsledku

angličtina

Název v původním jazyce

The excess smoothness and sensitivity of consumption in the V4 countries

Popis výsledku v původním jazyce

This paper contributes to the debate on the Permanent Income Hypothesis (PIH) and excess consumption smoothness and sensitivity in the context of conditions in the V4 countries. This paper also shows results contrary to the belief of the Permanent Income Hypothesis/Random Walk Hypothesis that the change in consumption is an innovation which is not predictable by lagged saving or lagged income change. The paper tests the implication of the Permanent Income Hypothesis/Random Walk Hypothesis, using quarterly aggregate data for 1995-2017 in the V4 countries. A vector autoregression for saving and changes in disposable income is used to generate a forecast of declines in disposable income. As a result, when income changes abruptly, the resulting change in consumption is much smoother and conversely, when changes in income are anticipated, consumption responds sensitively. The aggregate consumption is both excessively smooth relative to the new information causing consumers&apos; revision of previous expectations about current and future income, and excessively sensitive to lagged income growth.

Název v anglickém jazyce

The excess smoothness and sensitivity of consumption in the V4 countries

Popis výsledku anglicky

This paper contributes to the debate on the Permanent Income Hypothesis (PIH) and excess consumption smoothness and sensitivity in the context of conditions in the V4 countries. This paper also shows results contrary to the belief of the Permanent Income Hypothesis/Random Walk Hypothesis that the change in consumption is an innovation which is not predictable by lagged saving or lagged income change. The paper tests the implication of the Permanent Income Hypothesis/Random Walk Hypothesis, using quarterly aggregate data for 1995-2017 in the V4 countries. A vector autoregression for saving and changes in disposable income is used to generate a forecast of declines in disposable income. As a result, when income changes abruptly, the resulting change in consumption is much smoother and conversely, when changes in income are anticipated, consumption responds sensitively. The aggregate consumption is both excessively smooth relative to the new information causing consumers&apos; revision of previous expectations about current and future income, and excessively sensitive to lagged income growth.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

10103 - Statistics and probability

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis

ISSN

1211-8516

e-ISSN

—

Svazek periodika

67

Číslo periodika v rámci svazku

6

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

11

Strana od-do

1653-1663

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85077713274