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Aggregation with price variation and heterogeneity across consumers
Halvorsen, Bente; Larsen, Bodil M. - 2006
In the aggregation literature, prices and price and income derivatives are often assumed not to vary across consumers. These assumptions may not be fulfilled: prices often vary and consumers are heterogeneous in the way they respond to price and income changes. In this paper we develop and...
Persistent link: https://www.econbiz.de/10011968259
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Chapter 68 Models of Aggregate Economic Relationships that Account for Heterogeneity
Blundell, Richard; Stoker, Thomas M. - In: Handbook of econometrics : volume 6A, (pp. 4609-4666). 2007
, consumption growth and wealth, and labor participation and wages. Each area involves treatment of heterogeneity and nonlinearity … at the individual level. Three types of heterogeneity are highlighted: heterogeneity in individual tastes, heterogeneity … in income and wealth risks, and heterogeneity in market participation. Work in each area is illustrated using results …
Persistent link: https://www.econbiz.de/10014024947
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Aggregation with price variation and heterogeneity across consumers
Halvorsen, Bente; Larsen, Bodil M. - Statistisk Sentralbyrå, Government of Norway - 2006
In the aggregation literature, prices and price and income derivatives are often assumed not to vary across consumers. These assumptions may not be fulfilled: prices often vary and consumers are heterogeneous in the way they respond to price and income changes. In this paper we develop and...
Persistent link: https://www.econbiz.de/10004980777
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Biases in consumer elasticities based on micro and aggregate data : an integrated framework and empirical evaluation
Denton, Frank T.; Mountain, Dean C. - 2015
Policy analysis frequently requires estimates of aggregate (or mean) consumer elasticities. However, estimates are often made incorrectly, based on elasticity calculations at mean income. We provide in this paper an overall integrated analytical framework that encompasses these biases and...
Persistent link: https://www.econbiz.de/10010498377
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Aggregate and Household Demand for Money: Evidence from Public Opinion Survey on Household Financial Assets and Liabilities
Fujiki, Hiroshi; Hsiao, Cheng - Institute for Monetary and Economic Studies, Bank of Japan - 2008
the issues of unobserved heterogeneity among cross-sectional units and stability of Japanese aggregate money demand …
Persistent link: https://www.econbiz.de/10004971203
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Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach
Fujiwara, Ippei; Hirose, Yasuo; Shintani, Mototsugu - Institute for Monetary and Economic Studies, Bank of Japan - 2008
We examine whether the news shocks, as explored in Beaudry and Portier (2004), can be a major source of aggregate fluctuations. For this purpose, we extend a dynamic stochastic general equilibrium model, a la Christiano, Eichenbaum, and Evans (2005), by allowing news shocks on the total factor...
Persistent link: https://www.econbiz.de/10004975776
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Aggregate and Household Demand for Money: Evidence from Public Opinion Survey on Household Financial Assets and Liabilities
Fujiki, Hiroshi; Hsiao, Cheng - 2013
the issues of unobserved heterogeneity among cross-sectional units and stability of Japanese aggregate money demand …
Persistent link: https://www.econbiz.de/10010892080
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How serious is the aggregation problem? : an empirical illustration
Halvorsen, Bente; Larsen, Bodil M. - In: Applied economics 45 (2013) 25/27, pp. 3786-3794
Persistent link: https://www.econbiz.de/10010345859
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Demand Systems With Nonstationary Prices
Lewbel, Arthur; Ng, Serena - Department of Economics, Boston College - 2000
Relative prices are nonstationary and standard root-T inference is invalid for demand systems. But demand systems are nonlinear functions of relative prices, and standard methods for dealing with nonstationarity in linear models cannot be used. Demand system residuals are also frequently found...
Persistent link: https://www.econbiz.de/10004968870
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Exploiting the monthly data flow in structural forecasting
Giannone, Domenico; Monti, Francesca; Reichlin, Lucrezia - 2015
This paper develops a framework that allows us to combine the tools provided by structural models for economic interpretation and policy analysis with those of reduced-form models designed for nowcasting. We show how to map a quarterly dynamic stochastic general equilibrium (DSGE) model into a...
Persistent link: https://www.econbiz.de/10011399325