Euler equations, subjective expectations and income shocks
In this paper, we make three substantive contributions: first, we use elicited subjective income expectations to identify the levels of permanent and transitory income shocks in a life-cycle framework; second, we use these shocks to assess whether households' consumption is insulated from them;...
| Huvudupphovsmän: | , , |
|---|---|
| Materialtyp: | Working paper |
| Publicerad: |
University of Oxford
2017
|