Certainty Equivalence and the Excess Sensitivity of Private Consumption

Lorenzo Pozzi and Griet Malengier

Journal of Money, Credit and Banking, 2007, vol. 39, issue 7, 1839-1848

Abstract: For a panel of OECD countries, we show that the magnitude of the estimate for the excess sensitivity of private consumption to current income cannot be explained by a model based on certainty equivalence. Copyright 2007 The Ohio State University.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:39:y:2007:i:7:p:1839-1848

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