03067nam 2200601Ia 450 991046423230332120170816134635.01-4623-2147-X1-4527-4200-61-4518-7165-197866128424051-282-84240-4(CKB)3170000000055177(EBL)1608132(SSID)ssj0000942989(PQKBManifestationID)11505577(PQKBTitleCode)TC0000942989(PQKBWorkID)10974939(PQKB)10067310(OCoLC)469097802(MiAaPQ)EBC1608132(EXLCZ)99317000000005517720041202d2009 uf 0engur|n|---|||||txtccrOn impatience and policy effectiveness[electronic resource] /prepared by Tamim Bayoumi and Silvia Sgherri[Washington D.C.] International Monetary Fund20091 online resource (30 p.)IMF working paper ;WP/09/18Description based upon print version of record.1-4519-1601-9 Includes bibliographical references.Contents; I. Introduction; II. Theoretical Model; III. Empirical Estimates; IV. Analysis and Discussion; V. Conclusions and Policy Implications; References; Tables; 1. United States: Unit Root Tests; 2. United States: Cointegration Tests; 3. United States: Estimates of Unrestricted Model (Eq. 10); 4. United States: Estimates of Restricted Model with Impatient Consumers (Eq. 9); Figures; 1. United States: The Data, 1955-2005; 2. United States: Validity of Model Restrictions over Time; 3. United States: Time Variation in the Discount Wedge4. United States: Time Variation in the Persistence of Income/Policy Shocks5. United States: Time Variation in Income/Policy Multiplier; 6. United States: Counterfactual AnalysisAn increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen private sectors' planning horizon. In an overlapping-generations model, in which individuals discount the future more rapidly than implied by the market rate of interest, we find indeed evidence of a falling degree of impatience, providing empirical support for this hypothesis. The degree of persistencIMF working paper ;WP/09/18.Fiscal policyEconomic policyElectronic books.Fiscal policy.Economic policy.Bayoumi Tamim A122763Sgherri Silvia864451MiAaPQMiAaPQMiAaPQBOOK9910464232303321On impatience and policy effectiveness2101438UNINA