| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 965470 | Journal of Macroeconomics | 2012 | 14 Pages |
Abstract
⺠Two structural models of US consumption, labor income and wealth are specified. ⺠Both are estimated using the method of Pagan and Pesaran (2008). ⺠One model is equivalent to the model of Lettau and Ludvigson (2011). ⺠In the alternative model, the reallocation shock has a pronounced effect on consumption. ⺠This finding is consistent with a sizable proportion of liquidity constrained consumers.
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Economics and Econometrics
Authors
Lance A. Fisher, Hyeon-seung Huh, Glenn Otto,