E21 - Consumption; Saving; Wealth

• Un modèle « PAC » d'analyse et de prévision des dépenses des ménages américains

  Staff Working Paper 2003-13 Marc-André Gosselin, René Lalonde

  Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have been induced by changes in expectations, and responses to expectations, that have been delayed because of adjustment costs.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models JEL Code(s): C, C3, C32, E, E2, E21, E3, E32