Name: International Finance Discussion Papers: Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Mark
Price: 23.90 EUR
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Author: Engel, Charles ; Rogers, John H. ; United States Federal Reserve Board
ISBN: 9781288725939

portada International Finance Discussion Papers: Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Mark

International Finance Discussion Papers: Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Mark

Type

Physical Book

Author

United States Federal Reserve Board

Charles Engel

John H. Rogers

Publisher

Bibliogov

Language

English

Pages

Format

Paperback

Dimensions

24.6 x 18.9 x 0.3 cm

Weight

0.11 kg.

ISBN13

9781288725939

Synopsis "International Finance Discussion Papers: Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Mark"

Survey data show that the expected growth rates of consumption across countries vary widely and are not highly correlated. This data contradicts the simplest of open-economy models in which there is a freely traded non- state-contingent bond and purchasing power parity holds. We explore two alternative explanations for the finding: that households in each country in effect face different ex ante real interest rates or that there are significant credit constraints, so that expected consumption growth rates are driven largely by expected income growth. The empirical evidence strongly supports the latter hypothesis. These findings challenge the modeling of consumption that is at the heart of many, if not most, macroeconomic models.

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International Finance Discussion Papers: Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Mark - Engel, Charles ; Rogers, John H. ; United States Federal Reserve Board

Synopsis "International Finance Discussion Papers: Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Mark"

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