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Article: Slow Information Diffusion And The Inertial Behavior Of Durable Consumption

TitleSlow Information Diffusion And The Inertial Behavior Of Durable Consumption
Authors
Issue Date2015
PublisherJohn Wiley & Sons, Inc.
Citation
Journal of the European Economic Association, 2015 How to Cite?
AbstractThis paper studies the aggregate dynamics of durable and nondurable consumption under slow information diffusion (SID) due to noisy observations and learning within the permanent income hypothesis framework. We show that SID can significantly improve the model's predictions on the joint behavior of income, durable consumption, and nondurable consumption at the aggregate level. Specifically, we find that SID can significantly improve the model's predictions for: (i) smoothness in durable and nondurable consumption, (ii) autocorrelation of durable consumption, and (iii) contemporaneous correlation between durable and nondurable consumption.
Persistent Identifierhttp://hdl.handle.net/10722/212048

 

DC FieldValueLanguage
dc.contributor.authorLuo, Y-
dc.contributor.authorNie, J-
dc.contributor.authorYoung, E-
dc.date.accessioned2015-07-21T02:20:55Z-
dc.date.available2015-07-21T02:20:55Z-
dc.date.issued2015-
dc.identifier.citationJournal of the European Economic Association, 2015-
dc.identifier.urihttp://hdl.handle.net/10722/212048-
dc.description.abstractThis paper studies the aggregate dynamics of durable and nondurable consumption under slow information diffusion (SID) due to noisy observations and learning within the permanent income hypothesis framework. We show that SID can significantly improve the model's predictions on the joint behavior of income, durable consumption, and nondurable consumption at the aggregate level. Specifically, we find that SID can significantly improve the model's predictions for: (i) smoothness in durable and nondurable consumption, (ii) autocorrelation of durable consumption, and (iii) contemporaneous correlation between durable and nondurable consumption.-
dc.languageeng-
dc.publisherJohn Wiley & Sons, Inc.-
dc.relation.ispartofJournal of the European Economic Association-
dc.rightsJournal of the European Economic Association. Copyright © John Wiley & Sons, Inc..-
dc.rightsSpecial Statement for Preprint only Before publication: 'This is a preprint of an article accepted for publication in [The Journal of Pathology] Copyright © ([year]) ([Pathological Society of Great Britain and Ireland])'. After publication: the preprint notice should be amended to follows: 'This is a preprint of an article published in [include the complete citation information for the final version of the Contribution as published in the print edition of the Journal]' For Cochrane Library/ Cochrane Database of Systematic Reviews, add statement & acknowledgement : ‘This review is published as a Cochrane Review in the Cochrane Database of Systematic Reviews 20XX, Issue X. Cochrane Reviews are regularly updated as new evidence emerges and in response to comments and criticisms, and the Cochrane Database of Systematic Reviews should be consulted for the most recent version of the Review.’ Please include reference to the Review and hyperlink to the original version using the following format e.g. Authors. Title of Review. Cochrane Database of Systematic Reviews 20XX, Issue #. Art. No.: CD00XXXX. DOI: 10.1002/14651858.CD00XXXX (insert persistent link to the article by using the URL: http://dx.doi.org/10.1002/14651858.CD00XXXX) (This statement should refer to the most recent issue of the Cochrane Database of Systematic Reviews in which the Review published.)-
dc.titleSlow Information Diffusion And The Inertial Behavior Of Durable Consumption-
dc.typeArticle-
dc.identifier.emailLuo, Y: yluo@econ.hku.hk-
dc.identifier.authorityLuo, Y=rp01083-
dc.identifier.doi10.1111/jeea.12125-
dc.identifier.hkuros245381-
dc.publisher.placeUSA-

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