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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 Ltd. The Journal's web site is located at http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1542-4774
Citation
Journal of the European Economic Association, 2015, v. 13 n. 5, p. 805-840 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
ISSN
2019 Impact Factor: 3.388
2015 SCImago Journal Rankings: 6.369
ISI Accession Number ID

 

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, v. 13 n. 5, p. 805-840-
dc.identifier.issn1542-4766-
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 Ltd. The Journal's web site is located at http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1542-4774-
dc.relation.ispartofJournal of the European Economic Association-
dc.rightsJournal of the European Economic Association. Copyright © John Wiley & Sons Ltd.-
dc.rightsPostprint: This is the peer reviewed version of the following article: [Journal of the European Economic Association, 2015, v. 13 n. 5, p. 805-840], which has been published in final form at [10.1111/jeea.12125]. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.-
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.description.naturepostprint-
dc.identifier.doi10.1111/jeea.12125-
dc.identifier.hkuros245381-
dc.identifier.volume13-
dc.identifier.issue5-
dc.identifier.spage805-
dc.identifier.epage840-
dc.identifier.isiWOS:000363733800003-
dc.publisher.placeUnited Kingdom-

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