Private Consumption, Inflation and the "Debt Neutrality Hypothesis": The Case of Eight OECD Countries
This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nest...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1988
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.50 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different degrees of consumer rationality: the traditional life-cycle consumption model, the case of inflation-adjustment of disposable income (no money illusion) and the case of full "tax discounting" (no fiscal illusion). In addition, the model incorporates explicitly the role of a variable interest rate and substitution between public and private consumption. The model is estimated using three different consumption aggregates at the single-country level and over the pooled data set. Estimates of the inflation-adjustment and fiscal illusion parameters are provided and specification tests opposing the three versions of the model are performed. The ... |
| Beschreibung: | 1 Online-Ressource (98 p.) 21 x 29.7cm. |
| DOI: | 10.1787/012554655282 |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061312347 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121529.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s1988 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/012554655282 |2 doi | |
| 035 | |a (DE-627-1)061312347 | ||
| 035 | |a (DE-599)KEP061312347 | ||
| 035 | |a (FR-PaOEC)012554655282 | ||
| 035 | |a (EBP)061312347 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 100 | 1 | |a Nicoletti, Giuseppe |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Private Consumption, Inflation and the "Debt Neutrality Hypothesis" |b The Case of Eight OECD Countries |c Giuseppe, Nicoletti |
| 264 | 1 | |a Paris |b OECD Publishing |c 1988 | |
| 300 | |a 1 Online-Ressource (98 p.) |c 21 x 29.7cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers |v no.50 | |
| 520 | |a This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different degrees of consumer rationality: the traditional life-cycle consumption model, the case of inflation-adjustment of disposable income (no money illusion) and the case of full "tax discounting" (no fiscal illusion). In addition, the model incorporates explicitly the role of a variable interest rate and substitution between public and private consumption. The model is estimated using three different consumption aggregates at the single-country level and over the pooled data set. Estimates of the inflation-adjustment and fiscal illusion parameters are provided and specification tests opposing the three versions of the model are performed. The ... | ||
| 650 | 4 | |a Economics | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/012554655282 |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-061312347 |
|---|---|
| _version_ | 1816797333877161984 |
| adam_text | |
| any_adam_object | |
| author | Nicoletti, Giuseppe |
| author_facet | Nicoletti, Giuseppe |
| author_role | aut |
| author_sort | Nicoletti, Giuseppe |
| author_variant | g n gn |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)061312347 (DE-599)KEP061312347 (FR-PaOEC)012554655282 (EBP)061312347 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/012554655282 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02083cam a22003372 4500</leader><controlfield tag="001">ZDB-13-SOC-061312347</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121529.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s1988 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/012554655282</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061312347</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061312347</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)012554655282</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)061312347</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Nicoletti, Giuseppe</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Private Consumption, Inflation and the "Debt Neutrality Hypothesis"</subfield><subfield code="b">The Case of Eight OECD Countries</subfield><subfield code="c">Giuseppe, Nicoletti</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">1988</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (98 p.)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield><subfield code="v">no.50</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different degrees of consumer rationality: the traditional life-cycle consumption model, the case of inflation-adjustment of disposable income (no money illusion) and the case of full "tax discounting" (no fiscal illusion). In addition, the model incorporates explicitly the role of a variable interest rate and substitution between public and private consumption. The model is estimated using three different consumption aggregates at the single-country level and over the pooled data set. Estimates of the inflation-adjustment and fiscal illusion parameters are provided and specification tests opposing the three versions of the model are performed. The ...</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/012554655282</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061312347 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:55:55Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (98 p.) 21 x 29.7cm. |
| psigel | ZDB-13-SOC |
| publishDate | 1988 |
| publishDateSearch | 1988 |
| publishDateSort | 1988 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Nicoletti, Giuseppe VerfasserIn aut Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries Giuseppe, Nicoletti Paris OECD Publishing 1988 1 Online-Ressource (98 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.50 This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different degrees of consumer rationality: the traditional life-cycle consumption model, the case of inflation-adjustment of disposable income (no money illusion) and the case of full "tax discounting" (no fiscal illusion). In addition, the model incorporates explicitly the role of a variable interest rate and substitution between public and private consumption. The model is estimated using three different consumption aggregates at the single-country level and over the pooled data set. Estimates of the inflation-adjustment and fiscal illusion parameters are provided and specification tests opposing the three versions of the model are performed. The ... Economics FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/012554655282 Volltext |
| spellingShingle | Nicoletti, Giuseppe Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries Economics |
| title | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries |
| title_auth | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries |
| title_exact_search | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries |
| title_full | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries Giuseppe, Nicoletti |
| title_fullStr | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries Giuseppe, Nicoletti |
| title_full_unstemmed | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" The Case of Eight OECD Countries Giuseppe, Nicoletti |
| title_short | Private Consumption, Inflation and the "Debt Neutrality Hypothesis" |
| title_sort | private consumption inflation and the debt neutrality hypothesis the case of eight oecd countries |
| title_sub | The Case of Eight OECD Countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/012554655282 |
| work_keys_str_mv | AT nicolettigiuseppe privateconsumptioninflationandthedebtneutralityhypothesisthecaseofeightoecdcountries |