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dc.contributor.authorVančová, Terézia
dc.date.accessioned2021-06-16T00:02:21Z
dc.date.available2021-06-16T00:02:21Z
dc.date.issued2019
dc.identifier43918876
dc.identifier.issn1211-8516 Sherpa/RoMEO, JCR
dc.identifier.urihttps://repozitar.mendelu.cz/xmlui/handle/20.500.12698/1304
dc.description.abstractThis paper contributes to the debate on the Permanent Income Hypothesis (PIH) and excess consumption smoothness and sensitivity in the context of conditions in the V4 countries. This paper also shows results contrary to the belief of the Permanent Income Hypothesis/Random Walk Hypothesis that the change in consumption is an innovation which is not predictable by lagged saving or lagged income change. The paper tests the implication of the Permanent Income Hypothesis/Random Walk Hypothesis, using quarterly aggregate data for 1995-2017 in the V4 countries. A vector autoregression for saving and changes in disposable income is used to generate a forecast of declines in disposable income. As a result, when income changes abruptly, the resulting change in consumption is much smoother and conversely, when changes in income are anticipated, consumption responds sensitively. The aggregate consumption is both excessively smooth relative to the new information causing consumers' revision of previous expectations about current and future income, and excessively sensitive to lagged income growth.en
dc.format1653-1663
dc.publisherMendelova univerzita v Brně
dc.relation.ispartofActa Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
dc.relation.urihttps://doi.org/10.11118/actaun201967061653
dc.rightsCC BY-NC-ND 4.0
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectConsumption expenditureen
dc.subjectDisposable incomeen
dc.subjectExcess sensitivityen
dc.subjectExcess smoothnessen
dc.subjectSavingsen
dc.subjectV4 countriesen
dc.subjectVAR modelen
dc.titleThe excess smoothness and sensitivity of consumption in the V4 countriesen
dc.typeJ_ČLÁNEK
dc.date.updated2021-06-16T00:02:21Z
dc.description.versionOA
local.identifier.doi10.11118/actaun201967061653
local.identifier.scopus2-s2.0-85077713274
local.number6
local.volume67
local.identifier.obd43918876
local.identifier.e-issn2464-8310
dc.project.IDPEF_DP_2018030
dc.project.IDPEF_DP_2019034
dc.project.IDIdentifikácia faktorov ovplyvňujúcich spotrebné výdaje v krajinách V4
dc.project.IDAplikácia modelov spotrebnej funkcie: citlivosť spotreby na zmenu disponibilného dôchodku ("excess sensitivity") v krajinách V4
dc.identifier.orcidVančová, Terézia 0000-0003-3375-8419
local.contributor.affiliationPEF


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Zobrazit minimální záznam

CC BY-NC-ND 4.0
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