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Article: The spirit of capitalism and excess smoothness

TitleThe spirit of capitalism and excess smoothness
Authors
Luo, YSmith, WTZou, HFu
KeywordsConsumption smoothing
Interest rate risk
The spirit of capitalism
Issue Date2009
PublisherPeking University Press. The Journal's web site is located at http://www.aeconf.net/index.htm
Citation
Annals Of Economics And Finance, 2009, v. 10 n. 2, p. 281-301 How to Cite?
AbstractIn a recent paper [Luo, Smith, and Zou (2009)] we showed that the spirit of capitalism could in theory resolve the two fundamental anomalies of modern consumption theory, excess sensitivity and excess smoothness. However, that basic model could not plausibly explain the empirical magnitude of excess smoothness. In this paper we develop two extensions of the model-one with transitory and permanent shocks to income, the other with a stochastic interest rate-that where the spirit of capitalism can explain excess smoothness.
Persistent Identifierhttp://hdl.handle.net/10722/137597
ISSN
1529-7373
2021 Impact Factor: 0.321
2020 SCImago Journal Rankings: 0.185
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorLuo, Yen_HK
dc.contributor.authorSmith, WTen_HK
dc.contributor.authorZou, HFuen_HK
dc.date.accessioned2011-08-26T14:28:33Z-
dc.date.available2011-08-26T14:28:33Z-
dc.date.issued2009en_HK
dc.identifier.citationAnnals Of Economics And Finance, 2009, v. 10 n. 2, p. 281-301en_HK
dc.identifier.issn1529-7373en_HK
dc.identifier.urihttp://hdl.handle.net/10722/137597-
dc.description.abstractIn a recent paper [Luo, Smith, and Zou (2009)] we showed that the spirit of capitalism could in theory resolve the two fundamental anomalies of modern consumption theory, excess sensitivity and excess smoothness. However, that basic model could not plausibly explain the empirical magnitude of excess smoothness. In this paper we develop two extensions of the model-one with transitory and permanent shocks to income, the other with a stochastic interest rate-that where the spirit of capitalism can explain excess smoothness.en_HK
dc.languageengen_US
dc.publisherPeking University Press. The Journal's web site is located at http://www.aeconf.net/index.htmen_HK
dc.relation.ispartofAnnals of Economics and Financeen_HK
dc.subjectConsumption smoothingen_HK
dc.subjectInterest rate risken_HK
dc.subjectThe spirit of capitalismen_HK
dc.titleThe spirit of capitalism and excess smoothnessen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1529-7373&volume=10&issue=2&spage=281–301&epage=&date=2009&atitle=The+spirit+of+capitalism+and+excess+smoothness-
dc.identifier.emailLuo, Y: yluo@econ.hku.hken_HK
dc.identifier.authorityLuo, Y=rp01083en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-70450177762en_HK
dc.identifier.hkuros189862en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-70450177762&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume10en_HK
dc.identifier.issue2en_HK
dc.identifier.spage281en_HK
dc.identifier.epage301en_HK
dc.publisher.placeChinaen_HK
dc.identifier.scopusauthoridLuo, Y=23767888300en_HK
dc.identifier.scopusauthoridSmith, WT=7406470124en_HK
dc.identifier.scopusauthoridZou, HFu=7202372832en_HK
dc.identifier.issnl1529-7373-

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