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The paper emphasizes how changes in credit conditions in the Czech Republic are likely to influence aggregate consumption. Aggregate consumption plays an important role in macroeconomic fluctuations and in the transmission mechanism. Czech household debt has increased in the past five years. The...
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This paper uses a specific experiment — „voucher privatization“ in the former Czechoslovakia — to test the permanent … income hypothesis of consumer behavior. Voucher privatization (the mass privatization of state-owned assets through publicly … hypothesis, as it demonstrates that only a minor part of the assets transferred via voucher privatization actually led to an …
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