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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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The article contests an argument that the creation of a capital market in educational "human capital" and subsequent voluntary transactions on this market are sufficient to create equal opportunities in education, consequently reducing the income premium enjoyed by households with higher initial...
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