Certainty Equivalence and the Excess Sensitivity of Private Consumption

For a panel of OECD countries, we show that the magnitude of the estimate for the excess sensitivity of private consumption to current income cannot be explained by a model based on certainty equivalence. Copyright 2007 The Ohio State University.

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Year of publication:	2007
Authors:	POZZI, LORENZO ; MALENGIER, GRIET
Published in:	Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 39.2007, 7, p. 1839-1848
Publisher:	Blackwell Publishing

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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