文章基本信息

标题：Testing the Optimality of Consumption Decisions of the Representative Household: Evidence from Brazil
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作者：Marcos Gesteira Costa ; Carlos Enrique Carrasco-Gutierrez
期刊名称：Revista Brasileira de Economia
印刷版ISSN：0034-7140
出版年度：2015
卷号：69
期号：3
页码：373-387
语种：English
出版社：Escola de Pós-Graduação em Economia da FGV
摘要：This paper investigates whether there is a fraction of consumers that do not behave as fully forward-looking optimal consumers in the Brazilian economy. The generalized method of moments technique was applied to nonlinear Euler equations of the consumption-based capital assets model contemplating utility functions with time separability and non-separability. The results show that when the household utility function was modeled as constant relative risk aversion, external habits and Kreps-Porteus, estimates of the fraction of rule-of-thumb households was, respectively, 89%, 78% and 22%. According to this, a portion of disposable income goes to households who consume their current incomes in violation of the permanent income hypothesis.
关键词：CCAPM;rule of thumb;aggregate consumption;permanent income hypothesis;Euler equations.