05315oam 22011894 450 991078834960332120230721045618.01-4623-2147-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(IMF)WPIEE2009018(EXLCZ)99317000000005517720020129d2009 uf 0engur|n|---|||||txtccrOn Impatience and Policy Effectiveness /Silvia Sgherri, Tamim BayoumiWashington, D.C. :International Monetary Fund,2009.1 online resource (30 p.)IMF Working PapersDescription 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 persistence of "windfall" shocks to disposable income also appears to have varied over time. Shifts of this kind are shown to have a key impact on the average marginal propensity to consume and on the size of policy multipliers.IMF Working Papers; Working Paper ;No. 2009/018Fiscal policyEconomic policyBanks and BankingimfMacroeconomicsimfPublic FinanceimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfStabilizationimfTreasury PolicyimfMacroeconomics: ConsumptionimfSavingimfWealthimfAggregate Factor Income DistributionimfPersonal Income, Wealth, and Their DistributionsimfInterest Rates: Determination, Term Structure, and EffectsimfNational Government Expenditures and Related Policies: GeneralimfFinanceimfPublic finance & taxationimfConsumptionimfIncomeimfPersonal incomeimfReal interest ratesimfExpenditureimfNational accountsimfFinancial servicesimfEconomicsimfInterest ratesimfExpenditures, PublicimfUnited StatesimfFiscal policy.Economic policy.Banks and BankingMacroeconomicsPublic FinanceComparative or Joint Analysis of Fiscal and Monetary PolicyStabilizationTreasury PolicyMacroeconomics: ConsumptionSavingWealthAggregate Factor Income DistributionPersonal Income, Wealth, and Their DistributionsInterest Rates: Determination, Term Structure, and EffectsNational Government Expenditures and Related Policies: GeneralFinancePublic finance & taxationConsumptionIncomePersonal incomeReal interest ratesExpenditureNational accountsFinancial servicesEconomicsInterest ratesExpenditures, PublicSgherri Silvia1491226Bayoumi Tamim122763DcWaIMFBOOK9910788349603321On Impatience and Policy Effectiveness3712975UNINA