loading...
- Use the excel file attached on Hong
Kong Economy to run the same test as reported in Table 3 (Equation 3.1 and
3.2) in Hall (1978 JPE). Furthermore, will lagged current account balance
(as percentage of GDP) help predict current consumption in addition to
lagged consumption? Do the tests support or reject the PIH?
- Use the same data set on Hong Kong. Examine whether consumption is too smooth
following the methodology of Campbell and Deaton (RES 1989). In
particular,
- Fit a model of the labor income (their
equation 6).
- What is the corresponding A(L)?
- Produce an equation similar to their
equation 7.
- Assuming r=0.02, find the standard deviation implied by the PIH. Is
the actual consumption smoother or more volatile than predicted by the
PIH?
档案
日志
相册
视频
分享
分享
评论
想第一时间抢沙发么？