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Medientyp:
E-Artikel
Titel:
Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces
Beteiligte:
Ostergaard, Charlotte;
Sørensen, Bent E.;
Yosha, Oved
Erschienen:
The University of Chicago Press, 2002
Erschienen in:Journal of Political Economy
Sprache:
Englisch
DOI:
10.1086/339724
ISSN:
1537-534X;
0022-3808
Entstehung:
Anmerkungen:
Beschreibung:
<p>State‐level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but<italic>state‐specific</italic>(idiosyncratic) consumption exhibits substantially less sensitivity to lagged state‐specific income—a result that also holds for Canadian provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand are easier for individual U.S. states than for the United States as a whole, and therefore, the measured deviation from the benchmark permanent income hypothesis model is smaller. However, lagged state‐specific variables help predict state‐specific consumption, suggesting that the PIH model still requires qualification.</p>