05563oam 22012974 450 991096582410332120250426110030.097866128424059781462321476146232147X978145274200714527420069781451871654145187165197812828424031282842404(CKB)3170000000055177(EBL)1608132(SSID)ssj0000942989(PQKBManifestationID)11505577(PQKBTitleCode)TC0000942989(PQKBWorkID)10974939(PQKB)10067310(OCoLC)469097802(IMF)WPIEE2009018(MiAaPQ)EBC1608132(IMF)WPIEA2009018WPIEA2009018(EXLCZ)99317000000005517720020129d2009 uf 0engur|n|---|||||txtccrOn Impatience and Policy Effectiveness /Silvia Sgherri, Tamim Bayoumi1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (30 p.)IMF Working PapersDescription based upon print version of record.9781451916010 1451916019 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 policyAggregate Factor Income DistributionimfBanks and BankingimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfConsumptionimfEconomicsimfExpenditureimfExpenditures, PublicimfFinanceimfFinancial servicesimfIncomeimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfMacroeconomicsimfMacroeconomics: ConsumptionimfNational accountsimfNational Government Expenditures and Related Policies: GeneralimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfPublic finance & taxationimfPublic FinanceimfReal interest ratesimfSavingimfStabilizationimfTreasury PolicyimfWealthimfUnited StatesimfFiscal policy.Economic policy.Aggregate Factor Income DistributionBanks and BankingComparative or Joint Analysis of Fiscal and Monetary PolicyConsumptionEconomicsExpenditureExpenditures, PublicFinanceFinancial servicesIncomeInterest ratesInterest Rates: Determination, Term Structure, and EffectsMacroeconomicsMacroeconomics: ConsumptionNational accountsNational Government Expenditures and Related Policies: GeneralPersonal incomePersonal Income, Wealth, and Their DistributionsPublic finance & taxationPublic FinanceReal interest ratesSavingStabilizationTreasury PolicyWealth339.5;339.52Sgherri Silvia1815869Bayoumi Tamim122763DcWaIMFBOOK9910965824103321On Impatience and Policy Effectiveness4372454UNINA