By John B. Taylor
This textual content goals to supply a survey of the country of information within the large region that comes with the theories and proof of financial development and fiscal fluctuations, in addition to the implications of of financial and financial regulations for common monetary conditions.
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Extra resources for Handbook of Macroeconomics, Volume 1B
Aggregation across commodities Another important aspect which is often neglected in the literature on the Euler equation is the aggregation of expenditure on different commodities. In principle, one should consider simultaneously the allocation of total expenditure across time periods and the allocation within each period across different commodities. I f one had detailed enough data on expenditure on individual commodities and was willing to specify the form of the direct utility function, the problem could be addressed in a straightforward manner.
It will, however, affect the level of consumption (and saving). One of the implications of the simplest version of the life cycle model is that wealth is decumulated in the last part of the life cycle. While the rate at which wealth is decumulated depends on the parameters of the model and in particular about beliefs about longevity, the result that wealth should decline seems to be robust. The evidence on this point is mixed, in that several studies do not find strong evidence of decumulation of wealth by the elderly 41.
On the contrary, if consulners are not at a corner (or in a relatively fiat part of the budget constraint) their demand for loans will be elastic to the interest rate. The effects of maturity, however, should be opposite. A consumer who is not affected by borrowing restrictions will be indifferent to changes in maturity. On the other hand, a constrained consumer, for whom an increase in maturity will effectively increase his ability to borrow by reducing the size of the payments to maturity, will increase its demand for loan.