Myopia, Liquidity Constraints, and Aggregate Consumption: The Case of Greece

Konstantinos Drakos

Journal of Economic Development, 2002, vol. 27, issue 1, 97-105

Abstract: In this paper we investigate the behaviour of aggregate consumption in Greece. In particular, we document the empirical failure of the Life-Cycle/Permanent Income Hypotheses. The empirical findings imply that this failure is due to the presence of Liquidity Constraints rather than Myopia.

Date: 2002
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