LEADER 05315oam 22011894 450 001 9910788349603321 005 20230721045618.0 010 $a1-4623-2147-X 010 $a1-4527-4200-6 010 $a1-4518-7165-1 010 $a9786612842405 010 $a1-282-84240-4 035 $a(CKB)3170000000055177 035 $a(EBL)1608132 035 $a(SSID)ssj0000942989 035 $a(PQKBManifestationID)11505577 035 $a(PQKBTitleCode)TC0000942989 035 $a(PQKBWorkID)10974939 035 $a(PQKB)10067310 035 $a(OCoLC)469097802 035 $a(MiAaPQ)EBC1608132 035 $a(IMF)WPIEE2009018 035 $a(EXLCZ)993170000000055177 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOn Impatience and Policy Effectiveness /$fSilvia Sgherri, Tamim Bayoumi 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1601-9 320 $aIncludes bibliographical references. 327 $aContents; 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 Wedge 327 $a4. United States: Time Variation in the Persistence of Income/Policy Shocks5. United States: Time Variation in Income/Policy Multiplier; 6. United States: Counterfactual Analysis 330 3 $aAn increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth accumulation, and better policies might have helped lower uncertainty about future income and lengthen private sectors' planning horizon. In an overlapping-generations model, in which individuals discount the future more rapidly than implied by the market rate of interest, we find indeed evidence of a falling degree of impatience, providing empirical support for this hypothesis. The degree of persistence of "windfall" shocks to disposable income also appears to have varied over time. Shifts of this kind are shown to have a key impact on the average marginal propensity to consume and on the size of policy multipliers. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/018 606 $aFiscal policy 606 $aEconomic policy 606 $aBanks and Banking$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aConsumption$2imf 606 $aIncome$2imf 606 $aPersonal income$2imf 606 $aReal interest rates$2imf 606 $aExpenditure$2imf 606 $aNational accounts$2imf 606 $aFinancial services$2imf 606 $aEconomics$2imf 606 $aInterest rates$2imf 606 $aExpenditures, Public$2imf 607 $aUnited States$2imf 615 0$aFiscal policy. 615 0$aEconomic policy. 615 7$aBanks and Banking 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aAggregate Factor Income Distribution 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aNational Government Expenditures and Related Policies: General 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aConsumption 615 7$aIncome 615 7$aPersonal income 615 7$aReal interest rates 615 7$aExpenditure 615 7$aNational accounts 615 7$aFinancial services 615 7$aEconomics 615 7$aInterest rates 615 7$aExpenditures, Public 700 $aSgherri$b Silvia$01491226 701 $aBayoumi$b Tamim$0122763 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788349603321 996 $aOn Impatience and Policy Effectiveness$93712975 997 $aUNINA