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Anticipation of future consumption: a monetary perspective
Faria, Joao Ricardo; McAdam, Peter - European Central Bank - 2012
We adapt the (Sidrauski, 1967) monetary model to study the hypothesis of anticipation of future consumption. We assume … that anticipation of future consumption affects an agent's instantaneous utility and that all effects of future consumption …
Persistent link: https://www.econbiz.de/10010686843
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Are money and consumption additively separable in the euro area? A non-parametric approach
Jones, Barry E.; Stracca, Livio - European Central Bank - 2006
We propose a numerical test of the non-parametric conditions for additive separability between consumption and real money balances, building on Varian (1983). If additive separability is rejected, then real balances enter into the theoretical IS curve. We test whether or not monetary assets and...
Persistent link: https://www.econbiz.de/10005344824