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180616 ||| eng |
| 100 |
1 |
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|a Nicoletti, Giuseppe
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| 245 |
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|a Private Consumption, Inflation and the "Debt Neutrality Hypothesis"
|h Elektronische Ressource
|b The Case of Eight OECD Countries
|c Giuseppe, Nicoletti
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| 260 |
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|a Paris
|b OECD Publishing
|c 1988
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| 300 |
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|a 98 p.
|c 21 x 29.7cm
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| 653 |
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|a Economics
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b OECD
|a OECD Books and Papers
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| 490 |
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|a OECD Economics Department Working Papers
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| 024 |
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|a /10.1787/012554655282
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| 856 |
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|a oecd-ilibrary.org
|u https://doi.org/10.1787/012554655282
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model nests three specifications corresponding to different degrees of consumer rationality: the traditional life-cycle consumption model, the case of inflation-adjustment of disposable income (no money illusion) and the case of full "tax discounting" (no fiscal illusion). In addition, the model incorporates explicitly the role of a variable interest rate and substitution between public and private consumption. The model is estimated using three different consumption aggregates at the single-country level and over the pooled data set. Estimates of the inflation-adjustment and fiscal illusion parameters are provided and specification tests opposing the three versions of the model are performed. The ..
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