Searching for authors named "Christopher Carroll" – sorted by Relevance.
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Comments Welcome Lecture Notes On Solution Methods for Representative Agent Dynamic Stochastic Optimization Problems
- …These lecture notes sketch a set of techniques that are useful in solving representative agent dynamic stochastic optimization problems. I make no attempt at a systematic overview of the many possible technical choices; instead, the notes present a very specific set of methods and techniques. Associ…
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MPCPerm big.tex Precautionary Saving and the Marginal Propensity To Consume Out of Permanent Income
- …Because the budget constraint implies that consumption must eventually fully adjust to permanent shocks, intuition suggests that consumption-smoothers will have an immediate marginal propensity to consume of one out of permanent shocks. However, this paper shows that if consumers are impatient and e…
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FedHouseWealthv2.tex Housing Wealth and Consumption Expenditure
- …This memo considers the effect of housing wealth fluctuations on consumption expenditures. While empirical evidence from macroeconomic, regional, and microeconomic data varies, on balance most of the evidence seems consistent with a medium-run (after 3 years or so) housing wealth MPC in the neighbor…
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NBER Final Draft A Theory of the Consumption Function, With and Without Liquidity Constraints (Expanded Version)
- …This is a more rigorous and detailed version of a paper written for a Journal of Economic Perspectives symposium on consumption and saving behavior, for publication in the summer of 2001. The JEP version of the paper is intended for a general audience; the version here would be more appropriate for …
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Death to the Log-Linearized Consumption Euler Equation! (And Very Poor Health to the Second-Order Approximation)
- …This paper shows that standard empirical methods for estimating log-linearized consumption Euler equations cannot successfully uncover structural parameters like the coe#cient of relative risk aversion from a dataset of simulated consumers behaving exactly according to the standard model. Furthermor…
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A Theory of the C27241-5 Function, With and Without Liquidity Constraints
- …this paper are available at (www.econ.jhu##u#154#u#54# arroll/ccarroll.html). The author is grateful to Carl Christ andto the JEP editors for valuable comments on earlier versions of this paper…
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International Evidence On Sticky Consumption Growth ∗
- …We estimate the degree of ‘stickiness ’ in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness paramete…
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Epidemiology
- …Since the foundational work of Keynes (1936), macroeconomists have emphasized the importance of agents' expectations in determining macroeconomic outcomes. Yet in recent decades macroeconomists have devoted almost no e#ort to modeling actual empirical expectations data, instead assuming all agents' …
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EpidemiologyQJE.tex Macroeconomic Expectations of
- …Economists have long emphasized the importance of expectations in determining macroeconomic outcomes. Yet there has been almost no recent e#ort to model actual empirical expectations data; instead,macroeconomists usually simply assume that expectations are `rational.' This paper shows that while emp…
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EpidemiologySFI.tex The Epidemiology of Macroeconomic Expectations Christopher D. Carroll
- …Macroeconomists have long emphasized the importance of expectations in determining macroeconomic outcomes, and an enormous theoretical literature has developed examining many models of expectations formation. This paper proposes a new approach, based on epidemiological models, in which only a small …
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