Smooth transition in aggregate consumption

被引：1

作者：

Tse, Y ^{[1
]}

Zabotina, T ^{[1
]}

机构：

[1] SUNY Binghamton, Sch Management, Binghamton, NY 13902 USA

来源：

APPLIED ECONOMICS LETTERS | 2002年 / 9卷 / 07期

关键词：

D O I：

10.1080/13504850110094478

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The STAR model is used to characterize the time series of aggregate consumption. It makes smooth transition from one optimal level to another, as heterogeneous individuals reach their optimal revision points over time. These results suggest that consumption adjustment costs and heterogeneity among investors are responsible for the empirical failure of the consumption-based CAPM.

引用

页码：415 / 418

页数：4

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