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This article analyses the allocation, redistribution and stabilization role of the EU budget from 1976 to 2001. We use impulse responses from VAR models to infer the dynamic effect of a country's GNP on its disposable income - defined as GNP plus net EU budget transfers - both in the short run...
Persistent link: https://www.econbiz.de/10005668088
This paper develops a method to estimate jointly the degree of intertemporal consumption smoothing and the degree of "inter-regional" risk sharing. The empirical results for the U.S. states and OECD and EU countries suggest that: (i) regardless of the assumption on the degree of intertemporal...
Persistent link: https://www.econbiz.de/10005736556
Many intertemporal open economy macro models imply a theory of consumption smoothing channels; thus we build an empirical model to analyze the intertemporal smoothing role of saving components (fixed investments, inventories and trade balance) through the use of VAR impulse responses to...
Persistent link: https://www.econbiz.de/10008484714
This paper develops a method to estimate jointly the degree of (possibly incomplete) intertemporal consumption smoothing and the degree of (possibly incomplete) international/interregional risksharing. This approach generalizes and improves upon studies that either examine only intertemporal...
Persistent link: https://www.econbiz.de/10005124955
We recognize that intertemporal models of the current account (Frankel and Razin with Yuan 1996, or Baxter and Crucini 1993) imply a theory of consumption smoothing channels, and thus we build an empirical model on the theoretical foundations of Sachs (1982)'s optimizing model in order to...
Persistent link: https://www.econbiz.de/10005125536
Persistent link: https://www.econbiz.de/10005131613
By fully exploiting the statistical properties of panel data, this paper improves upon existing methodologies to estimate consumption smoothing at least in three respects. First, we model explicitly incomplete risksharing as well as incomplete intertemporal smoothing, and couch the two...
Persistent link: https://www.econbiz.de/10005201950
Persistent link: https://www.econbiz.de/10007649920
Persistent link: https://www.econbiz.de/10008317166
Persistent link: https://www.econbiz.de/10008104715