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Consumption Over the Life Cycle: A Selected Literature Review

Kankaanranta, Päivi - 2006

Simple life cycle and permanent income hypotheses imply that changes in consumption should be unforecastable. Rational … forward-looking agents ought to smooth consumption over the life cycle and exhaust the asset stock accumulated during the … review of literature focuses particularly on the life cycle issues of consumption behaviour. …

Persistent link: https://www.econbiz.de/10012502961

Monetary policy and the asset risk-taking channel

Abbate, Angela; Thaler, Dominik - 2015

Motivated by VAR evidence, we develop a monetary DSGE model where an agency problem between bank financiers, stemming from limited liability and unobservable risk taking, distorts banks’ incentives leading them to choose excessively risky investments. A monetary policy expansion magnifies...

Persistent link: https://www.econbiz.de/10011419626

The trade-off between inflation and economic activity in Brazil

Maka, Alexis; Barbosa, Fernando de Holanda - 2017

This paper contrasts empirically four leading models of inflation dynamics - the accelerationist Phillips curve (APC), the new Keynesian Phillips curve (NKPC), the hybrid Phillips curve (HPC), and the sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve...

Persistent link: https://www.econbiz.de/10012061223

Inflation expectations and the Phillips curve : an encompassing framework

Maka, Alexis; Barbosa, Fernando de Holanda - 2017

This paper contrasts empirically four leading models of inflation dynamics - the accelerationist Phillips curve (APC), new Keynesian Phillips curve (NKPC), hybrid Phillips curve (HPC) and sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve specification that allows...

Persistent link: https://www.econbiz.de/10012061245

Behavioral implementation without unanimity

Korpela, Ville; Lombardi, Michele; Zachariassen, Julius - 2024

Behavioral implementation studies implementation when agents' choices need not be rational. All existing papers of this literature, however, fail to handle a large class of choice behaviors because they rely on a well-known condition called Unanimity. This condition says, roughly speaking, that...

Persistent link: https://www.econbiz.de/10014551784

Endogenous preferences, emotions, and the breaking of social capital into economics

Vihanto, Martti - 2007

The creation and effects of social capital have seldom been a target for systematic analysis in orthodox economics. The purpose of the paper is to argue that in order to include social capital, along with physical and human, into economic analysis, we have to regard human preferences as...

Persistent link: https://www.econbiz.de/10012502972

Cognitive Equilibrium

Vartiainen, Hannu - 2007

We show that whenever a decision maker reasons about an optimal decision he is able to find one, even with non-transitive preferences. The existence of a reasoning process allows him to strategically manipulate how he reasons. A reasoning strategy that is robust against (finite) deviations is...

Persistent link: https://www.econbiz.de/10012502974

Forms, importance and working of social institutions

Vihanto, Martti - 2009

Social institutions are persistent regularities in contracting and other relations amongst men and in the unintended consequences of such rule-like behavior. They include morality and law as well as institutions of governance such as branding and advertising. Institutions are studied in all...

Persistent link: https://www.econbiz.de/10012503003

Behavioral Strong Implementation

Hayashi, Takashi; Jain, Ritesh; Korpela, Ville; … - 2021

Choice behavior is rational if it is based on the maximization of some context-independent preference relation. This study re-examines the questions of implementation theory in a setting where players’ choice behavior need not be rational and coalition formation must be taken into account. Our...

Persistent link: https://www.econbiz.de/10012503094

Demand systems with unit values : a comparison of two specifications

Lahatte, Agénor; Miquel, Ruth; Laisney, François; … - 1997

The availability of quantity information along with expenditure information in some household surveys allows the estimation of price reactions on the basis of unit values. We compare two specifications that have been proposed in this context by Deaton (1990) and Crawford et al. (1997) in order...

Persistent link: https://www.econbiz.de/10011427724