Informação, Hábito e a Conta Corrente

Nelson Silva

No 451, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: In this paper one derives an equation of intertemporal current account approach in an environment where individuals sporadically update macroeconomic information, à la Mankiw and Reis (2002, 2006). The equation found resembles that one of the model with habit formation obtained by Gruber (2004). One extend the analysis to obtain a model where habit and sticky information elements are combined. The parameters of the theoretical equations are estimated for a group of 6 countries. The econometric strategy consist of applying the Generalized Method of Moments (GMM) proposed by Hansen (1982). The tests indicate that it is not necessary to jointly model habit and sticky information. However, the presence of one of them is important for understanding the current account dynamic in the intertemporal approach spectrum. The estimates obtained in this paper support the hypothesis of habit formation in consumption.

Date: 2016-12
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