메뉴 건너뛰기




Volumn 20, Issue 2, 2003, Pages 275-299

The implications of diversity in consumption behaviour for the choice of monetary policy rules in Europe

Author keywords

Consumption function; European asymmetries; Macroeconometric models; Monetary policy rules; Stochastic simulations

Indexed keywords


EID: 0037333210     PISSN: 02649993     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0264-9993(02)00054-8     Document Type: Article
Times cited : (12)

References (52)
  • 1
    • 0003118448 scopus 로고
    • The life cycle hypothesis of saving: Aggregate implications and tests
    • Ando, A., Modigliani, F., 1963. The life cycle hypothesis of saving: aggregate implications and tests. Am. Econ. Rev. 103, 55-84.
    • (1963) Am. Econ. Rev. , vol.103 , pp. 55-84
    • Ando, A.1    Modigliani, F.2
  • 2
    • 0031256537 scopus 로고    scopus 로고
    • Consumption and credit constraints: International evidence
    • Bacchetta, P., Gerlach, S., 1997. Consumption and credit constraints: international evidence. J. Monet. Econ. 40, 207-238.
    • (1997) J. Monet. Econ. , vol.40 , pp. 207-238
    • Bacchetta, P.1    Gerlach, S.2
  • 3
    • 0034368205 scopus 로고    scopus 로고
    • Choosing the regime: Macroeconomic effects of UK entry into EMU
    • Barrell, R., Dury, K., 2000a. Choosing the regime: macroeconomic effects of UK entry into EMU. J. Common Mark. Stud. 37, 625-644.
    • (2000) J. Common Mark. Stud. , vol.37 , pp. 625-644
    • Barrell, R.1    Dury, K.2
  • 4
    • 84990342713 scopus 로고    scopus 로고
    • An evaluation of monetary targeting regimes
    • Barrell, R., Dury, K., 2000b. An evaluation of monetary targeting regimes. Natl. Inst. Econ. Rev. 174, 105-113.
    • (2000) Natl. Inst. Econ. Rev. , vol.174 , pp. 105-113
    • Barrell, R.1    Dury, K.2
  • 5
    • 0012129611 scopus 로고    scopus 로고
    • International monetary policy coordination: An evaluation using a large Econometric model
    • National Institute Discussion Paper No. 160, Forthcoming in Economic Modelling
    • Barrell, R., Dury, K., Hurst, I., 2002. International monetary policy coordination: an evaluation using a large Econometric model, National Institute Discussion Paper No. 160, Forthcoming in Economic Modelling.
    • (2002)
    • Barrell, R.1    Dury, K.2    Hurst, I.3
  • 6
    • 0012167587 scopus 로고    scopus 로고
    • Modelling the World Economy: The NIESR model NiGEM
    • presented at an ENEPRI workshop, Paris, July
    • Barrell, R., Dury, K., Hurst, I., Pain, N., 2001. Modelling the World Economy: The NIESR model NiGEM, presented at an ENEPRI workshop, Paris, July.
    • (2001)
    • Barrell, R.1    Dury, K.2    Hurst, I.3    Pain, N.4
  • 7
    • 0012135372 scopus 로고    scopus 로고
    • How important are automatic stabilisers in Europe?
    • EUI Working Papers ECO # 2000/2
    • Barrell, R., Pina, A., 2000. How important are automatic stabilisers in Europe? EUI Working Papers ECO # 2000/2.
    • (2000)
    • Barrell, R.1    Pina, A.2
  • 8
    • 0000862530 scopus 로고    scopus 로고
    • Fiscal Policy and the Maastricht Solvency Criteria
    • Barrell, R., Sefton, J., 1997. Fiscal Policy and the Maastricht Solvency Criteria, vol. 65. The Manchester School, pp. 259-279.
    • (1997) The Manchester School , vol.65 , pp. 259-279
    • Barrell, R.1    Sefton, J.2
  • 9
    • 0004132137 scopus 로고    scopus 로고
    • The design of EMU
    • IMF Working Paper # 97/99
    • Begg, D., 1997. The design of EMU, IMF Working Paper # 97/99.
    • (1997)
    • Begg, D.1
  • 10
  • 11
    • 0000746396 scopus 로고
    • The rational expectations approach to the consumption function
    • Bilson, J.F.O., 1980. The rational expectations approach to the consumption function. Eur. Econ. Rev. 13, 273-299.
    • (1980) Eur. Econ. Rev. , vol.13 , pp. 273-299
    • Bilson, J.F.O.1
  • 12
    • 84981865225 scopus 로고
    • Inflation and Australian savings behaviour
    • Bladen-Hovell, R.C., Richards, G.M., 1983. Inflation and Australian savings behaviour. Aust. Econ. Pap. 22, 290-301.
    • (1983) Aust. Econ. Pap. , vol.22 , pp. 290-301
    • Bladen-Hovell, R.C.1    Richards, G.M.2
  • 13
    • 0012202522 scopus 로고    scopus 로고
    • Forecast error bounds by stochastic simulations
    • Blake, A., 1996. Forecast error bounds by stochastic simulations. Natl. Inst. Econ. Rev. 156, 72-79.
    • (1996) Natl. Inst. Econ. Rev. , vol.156 , pp. 72-79
    • Blake, A.1
  • 15
    • 63349109139 scopus 로고
    • Why is consumption so smooth?
    • Campbell, J.Y., Deaton, A., 1989. Why is consumption so smooth? Rev. Econ. Stud. 56, 357-373.
    • (1989) Rev. Econ. Stud. , vol.56 , pp. 357-373
    • Campbell, J.Y.1    Deaton, A.2
  • 16
    • 0001274822 scopus 로고
    • Consumption, income and interest rates: Reinterpreting the time series evidence
    • Blanchard, O.J., Fischer, S. (Eds.), MIT, Cambridge, MA
    • Campbell, J.Y., Mankiw, N.G., 1991a. Consumption, income and interest rates: reinterpreting the time series evidence. In: Blanchard, O.J., Fischer, S. (Eds.), NBER Macroeconomic Annual. MIT, Cambridge, MA, pp. 185-216.
    • (1991) NBER Macroeconomic Annual , pp. 185-216
    • Campbell, J.Y.1    Mankiw, N.G.2
  • 17
    • 44949276887 scopus 로고
    • The response of consumption to income: A cross-country investigation
    • Campbell, J.Y., Mankiw, N.G., 1991b. The response of consumption to income: a cross-country investigation. Eur. Econ. Rev. 35, 723-767.
    • (1991) Eur. Econ. Rev. , vol.35 , pp. 723-767
    • Campbell, J.Y.1    Mankiw, N.G.2
  • 18
    • 0032922949 scopus 로고    scopus 로고
    • Are aggregate consumption relationships similar across the European Union?
    • Carruth, A., Gibson, H., Tsakalotos, E., 1999. Are aggregate consumption relationships similar across the European Union? Reg. Stud. 33, 17-26.
    • (1999) Reg. Stud. , vol.33 , pp. 17-26
    • Carruth, A.1    Gibson, H.2    Tsakalotos, E.3
  • 19
    • 0000921849 scopus 로고    scopus 로고
    • Legal structure, financial structure and the monetary transmission mechanism
    • Cecchetti, S.G., 1999. Legal structure, financial structure and the monetary transmission mechanism. Fed. Reserve Bank NY Econ. Policy Rev. 5, 9-28.
    • (1999) Fed. Reserve Bank NY Econ. Policy Rev. , vol.5 , pp. 9-28
    • Cecchetti, S.G.1
  • 20
    • 0012171160 scopus 로고    scopus 로고
    • CEPR, The Ostrich and the EMU: Policy Choices Facing the UK. Report of independent panel chaired by Rupert Pennant-Rea. Centre for Economic Policy Research, London
    • CEPR, 1997. The Ostrich and the EMU: Policy Choices Facing the UK. Report of independent panel chaired by Rupert Pennant-Rea. Centre for Economic Policy Research, London.
    • (1997)
  • 21
    • 0006260747 scopus 로고    scopus 로고
    • Monetary policy rules and macroeconomic stability: Evidence and some theory
    • Clarida, R., Galí, J., Gertler, M., 2000. Monetary policy rules and macroeconomic stability: evidence and some theory. Quart. J. Econ. CXV, 147-180.
    • (2000) Quart. J. Econ. , vol.115 , pp. 147-180
    • Clarida, R.1    Galí, J.2    Gertler, M.3
  • 22
    • 84885684824 scopus 로고
    • Econometric modelling of the aggregate time-series relationship between consumers' expenditure and income in the United Kingdom
    • Davidson, J.E.H., Hendry, D.F., Srba, F., Yeo, S., 1978. Econometric modelling of the aggregate time-series relationship between consumers' expenditure and income in the United Kingdom. Econ. J. 88, 661-692.
    • (1978) Econ. J. , vol.88 , pp. 661-692
    • Davidson, J.E.H.1    Hendry, D.F.2    Srba, F.3    Yeo, S.4
  • 23
    • 49149139205 scopus 로고
    • Interpreting econometric evidence: The consumption function in the United Kingdom
    • Davidson, J.E.H., Hendry, D.F., 1981. Interpreting econometric evidence: the consumption function in the United Kingdom. Eur. Econ. Rev. 16, 177-192.
    • (1981) Eur. Econ. Rev. , vol.16 , pp. 177-192
    • Davidson, J.E.H.1    Hendry, D.F.2
  • 24
    • 0004051194 scopus 로고    scopus 로고
    • A primer on the economics and time series econometrics of wealth effects
    • Finance and Economics Discussion Paper, Federal Reserve Board Washington
    • Davis, M.A., Palumbo, M.G., 2001. A primer on the economics and time series econometrics of wealth effects, Finance and Economics Discussion Paper, Federal Reserve Board Washington.
    • (2001)
    • Davis, M.A.1    Palumbo, M.G.2
  • 25
    • 0004284171 scopus 로고
    • Understanding Consumption
    • Oxford. University Press, Oxford
    • Deaton, A., 1992. Understanding Consumption. Oxford University Press, Oxford.
    • (1992)
    • Deaton, A.1
  • 26
    • 0024813827 scopus 로고
    • Australian State consumption functions
    • Dewhurst, J.H., 1989. Australian State consumption functions. Aust. Econ. Pap. 28, 112-121.
    • (1989) Aust. Econ. Pap. , vol.28 , pp. 112-121
    • Dewhurst, J.H.1
  • 27
    • 0031828664 scopus 로고    scopus 로고
    • Immediate challenges for the European Central Bank
    • Dornbusch, R., Favero, C., Giavazzi, F., 1998. Immediate challenges for the European Central Bank. Econ. Policy 26, 17-64.
    • (1998) Econ. Policy , vol.26 , pp. 17-64
    • Dornbusch, R.1    Favero, C.2    Giavazzi, F.3
  • 28
    • 0012171161 scopus 로고    scopus 로고
    • European Central Bank, Editorial
    • European Central Bank, 1999. Editorial, Monthly Bulletin, 1, 9-10.
    • (1999) Monthly Bulletin , vol.1 , pp. 9-10
  • 29
    • 0000527972 scopus 로고
    • The adjustment of consumption to changing expectations about future income
    • Flavin, M.A., 1981. The adjustment of consumption to changing expectations about future income. J. Polit. Econ. 89, 974-1009.
    • (1981) J. Polit. Econ. , vol.89 , pp. 974-1009
    • Flavin, M.A.1
  • 30
    • 0142197986 scopus 로고    scopus 로고
    • The endogeneity of the optimum currency area criteria
    • Frankel, J.A., Rose, A.K., 1998. The endogeneity of the optimum currency area criteria. Econ. J. 108, 1009-1025.
    • (1998) Econ. J. , vol.108 , pp. 1009-1025
    • Frankel, J.A.1    Rose, A.K.2
  • 31
    • 0004144705 scopus 로고    scopus 로고
    • The Taylor Rule and Average Interest Rates in the EMU-11 Area: A Note
    • Mimeo., Bank of International Settlement, Basle
    • Gerlach, S., Snable, G., 1998. The Taylor Rule and Average Interest Rates in the EMU-11 Area: A Note. Mimeo., Bank of International Settlement, Basle.
    • (1998)
    • Gerlach, S.1    Snable, G.2
  • 32
    • 0000155749 scopus 로고
    • Stochastic implications of the life cycle-permanent income hypothesis: Theory and evidence
    • Hall, R.E., 1978. Stochastic implications of the life cycle-permanent income hypothesis: theory and evidence. J. Polit. Econ. 86, 971-987.
    • (1978) J. Polit. Econ. , vol.86 , pp. 971-987
    • Hall, R.E.1
  • 35
    • 0033499214 scopus 로고    scopus 로고
    • EMU in reality: The effect of a common monetary policy on economies with different transmission mechanisms
    • Hughes Hallett, A., Piscitelli, L., 1999. EMU in reality: the effect of a common monetary policy on economies with different transmission mechanisms. Empirica 26, 337-358.
    • (1999) Empirica , vol.26 , pp. 337-358
    • Hughes Hallett, A.1    Piscitelli, L.2
  • 36
    • 0012128648 scopus 로고
    • Household saving and real housing prices: An international perspective
    • BIS Working Paper # 20
    • Kennedy, N., Anderson, P., 1994. Household saving and real housing prices: an international perspective, BIS Working Paper # 20.
    • (1994)
    • Kennedy, N.1    Anderson, P.2
  • 37
    • 0026340197 scopus 로고
    • Increasing returns and economic geography
    • Krugman, P., 1991. Increasing returns and economic geography. J. Polit. Econ. 99, 483-499.
    • (1991) J. Polit. Econ. , vol.99 , pp. 483-499
    • Krugman, P.1
  • 38
    • 0012462939 scopus 로고    scopus 로고
    • Consumption, aggregate wealth and expected stock returns
    • Lettau, M., Ludvigson, S., 2001. Consumption, aggregate wealth and expected stock returns. J. Finance 56, 815-849.
    • (2001) J. Finance , vol.56 , pp. 815-849
    • Lettau, M.1    Ludvigson, S.2
  • 39
    • 0002231852 scopus 로고    scopus 로고
    • How important is the stock market effect on consumption?
    • Federal Reserve Bank of New York, July
    • Ludvigson, S., Steindel, C., 1999. How important is the stock market effect on consumption? Economic Policy Review, Federal Reserve Bank of New York, July.
    • (1999) Economic Policy Review
    • Ludvigson, S.1    Steindel, C.2
  • 40
    • 0032462141 scopus 로고    scopus 로고
    • Asymmetries in housing and financial market institutions and EMU
    • MacLennan, J., Muellbauer, J., Stephens, M., 1998. Asymmetries in housing and financial market institutions and EMU. Oxford Rev. Econ. Policy 14, 54-80.
    • (1998) Oxford Rev. Econ. Policy , vol.14 , pp. 54-80
    • MacLennan, J.1    Muellbauer, J.2    Stephens, M.3
  • 41
    • 0003871415 scopus 로고
    • Income Expectations, Wealth and Demography in the Aggregate US Consumption Function
    • Mimeo, Nuffield College, Oxford
    • Muellbauer, J., Murphy, A., 1993a. Income Expectations, Wealth and Demography in the Aggregate US Consumption Function. Mimeo, Nuffield College, Oxford.
    • (1993)
    • Muellbauer, J.1    Murphy, A.2
  • 42
    • 0003871415 scopus 로고
    • Income Expectations, Wealth and Demography in the Aggregate UK Consumption Function
    • Mimeo, Nuffield College, Oxford
    • Muellbauer, J., Murphy, A., 1993b. Income Expectations, Wealth and Demography in the Aggregate UK Consumption Function. Mimeo, Nuffield College, Oxford.
    • (1993)
    • Muellbauer, J.1    Murphy, A.2
  • 43
    • 0040888144 scopus 로고    scopus 로고
    • Pooled Mean Group estimation of dynamic heterogeneous panels
    • Pesaran, M.H., Shin, Y., Smith, R.P., 1999. Pooled Mean Group estimation of dynamic heterogeneous panels. J. Am. Stat. Assoc. 94, 621-634.
    • (1999) J. Am. Stat. Assoc. , vol.94 , pp. 621-634
    • Pesaran, M.H.1    Shin, Y.2    Smith, R.P.3
  • 44
    • 58149365138 scopus 로고
    • Estimation of long-run relationships from dynamic heterogeneous panels
    • Pesaran, M.-H., Smith, R., 1995. Estimation of long-run relationships from dynamic heterogeneous panels. J. Econom. 68, 79-114.
    • (1995) J. Econom. , vol.68 , pp. 79-114
    • Pesaran, M.-H.1    Smith, R.2
  • 45
    • 0002504725 scopus 로고    scopus 로고
    • The Taylor Rule: A useful monetary policy guide for the ECB
    • Peersman, G., Smets, F., 1999. The Taylor Rule: a useful monetary policy guide for the ECB. Int. Finance 2, 85-116.
    • (1999) Int. Finance , vol.2 , pp. 85-116
    • Peersman, G.1    Smets, F.2
  • 46
    • 0000318162 scopus 로고    scopus 로고
    • The real effects of monetary policy in the European Union: What are the differences?
    • Ramaswamy, R., Sloek, T., 1998. The real effects of monetary policy in the European Union: What are the differences? IMF Staff Pap. 45, 374-396.
    • (1998) IMF Staff Pap. , vol.45 , pp. 374-396
    • Ramaswamy, R.1    Sloek, T.2
  • 47
    • 85016838404 scopus 로고    scopus 로고
    • One money, one market: The effect of common currencies on trade
    • Rose, A.K., 2000. One money, one market: the effect of common currencies on trade. Econ. Policy 30, 7-45.
    • (2000) Econ. Policy , vol.30 , pp. 7-45
    • Rose, A.K.1
  • 48
    • 0001885680 scopus 로고
    • Union contracts and the life-cycle/permanent-income hypothesis
    • Shea, J., 1995. Union contracts and the life-cycle/permanent-income hypothesis. Am. Econ. Rev. 85, 186-200.
    • (1995) Am. Econ. Rev. , vol.85 , pp. 186-200
    • Shea, J.1
  • 49
    • 0000660646 scopus 로고    scopus 로고
    • The response of household consumption to income tax refunds
    • Souleles, N.S., 1999. The response of household consumption to income tax refunds. Am. Econ. Rev. 89, 947-958.
    • (1999) Am. Econ. Rev. , vol.89 , pp. 947-958
    • Souleles, N.S.1
  • 50
    • 0001527764 scopus 로고
    • A simple estimator of cointegrating vectors in higher order integrated systems
    • Stock, J.H., Watson, M.W., 1993. A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica 61, 783-820.
    • (1993) Econometrica , vol.61 , pp. 783-820
    • Stock, J.H.1    Watson, M.W.2
  • 52
    • 84946357749 scopus 로고
    • An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias
    • Zellner, A., 1962. An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. J. Am. Stat. Soc. 57, 348-368.
    • (1962) J. Am. Stat. Soc. , vol.57 , pp. 348-368
    • Zellner, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.