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dc.contributor.authorPischke, Jörn-Steffenen
dc.date.accessioned2010-01-12T15:54:52Z-
dc.date.available2010-01-12T15:54:52Z-
dc.date.issued1991-
dc.identifier.urihttp://hdl.handle.net/10419/29446-
dc.description.abstractIn this paper I study a model of life-cycle consumption in which individuals react optimally to their own income process but ignore economy wide information. Since individual income is less persistent than aggregate income consumers will react too little to aggregate income variation. Aggregate consumption will be excessively smooth. Since aggregate information is slowly incorporated into consumption, aggregate consumption will be autocorrelated and correlated with lagged income. The second part of the paper provides empirical evidence on individual and aggregate income processes and calibrates the model using the estimated parameters. The mode predictions roughly correspond to the empirical findings for aggregate consumption data. Allowing for the existence of measurement error in micro income, durables, finite lifetimes of consumers, and advance information improves the predictions of the model.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x91-07en
dc.subject.jelE21en
dc.subject.ddc330en
dc.titleIndividual income, incomplete information, and aggregate consumption-
dc.type|aWorking Paperen
dc.identifier.ppn882377183en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:9107en
dc.date.issuedonline2010en
dc.publisher.online|aZBW – Leibniz Information Centre for Economics |cKiel, Hamburgen
econstor.documentversionDigitized Versionen

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