The Experts below are selected from a list of 15 Experts worldwide ranked by ideXlab platform
Georg Quaas - One of the best experts on this subject based on the ideXlab platform.
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Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005
2008Co-Authors: Georg QuaasAbstract:In 2005, Germany’s national income accounting system was altered from fixed prices to previous year’s prices as basis for macroeconomic time series measured in real terms. Among other consequences, the new system offers a wider range of possibilities to interpret theoretically relevant variables empirically. Some of these different interpretations and specifications of both, the habit persistence Hypothesis and an corresponding error correction model, are applied to the relationship between private consumption and income and estimated empirically. Compared to the estimators yielded in the framework of the former national account system with constant prices, the values of the marginal propensity to consume differ, but fall in the theoretically expected and by now empirically observed boundaries. Applying the theory of co-integration and a non-reduced error correction model lead to a slightly better explanation of the private consumption.
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Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005 [The specification problem of the consumption function in the framework of the NIA-system 2005]
2008Co-Authors: Georg QuaasAbstract:In 2005, Germany’s national income accounting system was altered from fixed prices to previous year’s prices as basis for macroeconomic time series measured in real terms. Among other consequences, the new system offers a wider range of possibilities to interpret theoretically relevant variables empirically. Some of these different interpretations and specifications of both, the habit persistence Hypothesis and an corresponding error correction model, are applied to the relationship between private consumption and income and estimated empirically. Compared to the estimators yielded in the framework of the former national account system with constant prices, the values of the marginal propensity to consume differ, but fall in the theoretically expected and by now empirically observed boundaries. Applying the theory of co-integration and a non-reduced error correction model lead to a slightly better explanation of the private consumption.
George Messinis - One of the best experts on this subject based on the ideXlab platform.
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Habit Formation and the Theory of Addiction
Journal of Economic Surveys, 1999Co-Authors: George MessinisAbstract:In the light of repeated rejections of the Hall (1978) version of the life cycle-permanent income Hypothesis and other empirical puzzles, the habit formation Hypothesis has increased in popularity since the 1980s. However, existing formulations of habit persistence do not always perform well empirically. This paper pursues two objectives: (i) to outline the habit persistence Hypothesis, and (ii) to review the theory of addiction with a focus on issues of relevance to the theory of consumption. In the literature on addiction, two research traditions are discernible: rational addiction and myopic addiction. The former approach emphasises forward-looking behaviour and defines memory loss as a univariate process. The latter relies on multiple objectives and highlights the role of contractual behaviour. The paper argues that future research in consumption with habits ought to pay more attention to non-separabilities, allow for multivariate processes when modelling memory loss and consider rational habit modification.
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Habit Formation and the Theory of Addiction
1998Co-Authors: George MessinisAbstract:In the light of repeated rejections of the Hall (1978) version of life-cycle permanent income Hypothesis and other empirical puzzles, the habit formation Hypothesis has increased in popularity since the 1980s. However, existing formulations of habit persistence do not always perform well empirically. This paper pursues two objectives: (1) to outline the habit persistence Hypothesis, and (ii) to review thetheory of addiction with a focus on issues of relevance to the theory of consumption.
Oluwafemi Bamikole - One of the best experts on this subject based on the ideXlab platform.
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The Habit Persistence Hypothesis: Empirical Evidence from Jamaica
2013Co-Authors: Oluwafemi BamikoleAbstract:This paper seeks to empirically verify if the habit persistence phenomenon holds in the Jamaican economy. The results of the GMM time series estimation show the existence of habit formation by Jamaican consumers. Past consumption habits affect the growth rate of consumption, consequently in order to build the confidence of consumers in the Jamaican economy, the inflation rate, foreign and domestic interest rates have to be moderately adjusted to encourage good consumption habits.
