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consumption. Aggregate consumption plays an important role in macroeconomic fluctuations and in the transmission mechanism. Czech …/Permanent-Income Hypothesis, including a standard model of consumption and incorporating credit supply. We first concluded that credit conditions … have a significant impact on household consumption, and that consumption is acutely sensitive to disposable income. Our …
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increase in household consumption. …
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Growth Pact. Those obligations creates a frontier for plausible solutions. Results suggest that it is possible to find a …
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Our paper focuses on the analysis of supply and demand shocks and on the estimation of expected costs of introducing Euro currency into Czech Republic (CR). The analysis is based on the theory of optimal currency areas by Mundell (1961, 1973) and uses a macroeconomic approach formalized by...
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