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Korea Institute of Public Finance
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Asymmetry in Consumption and Its Implication for Tax Policy

Keyword
유동성, 확장, 축소
Title
Asymmetry in Consumption and Its Implication for Tax Policy
Authors
김철수
Issue Date
1995-05-01
Publisher
KIPF
Page
pp. 23
Abstract
If agents are liquidity constrained, more agents are likely to be liquidity constrained during contractions than expansions, and hence consumption would be more sensitive to current income during contractions than expansions. If agents are myopic, on the other hand, the consumption sensitivity should be symmetric. I find that consumption is more sensitive to current income in contractions than in expansions, and conclude that agents are liquidity constrained rather than myopic. Futhermore, during expansions, i find that consumption is less likely to be too sensitive to current income and the permanent income hyphothesis(PIH) is less likely to be rejected. During contractions, consumption is more likely to be too sensitive to current income and the PIH is more likely to be rejected. US consumption exhibits an asymmetric behavior.
Keywords
유동성, 확장, 축소
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