Co říkají ostatní - Napsat recenzi
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Figure la Time Path of Multipliers for Alternative Specifications
Figure 2a Response of Demand to an Exogenous Change in Net Worth
1 Expenditure Multipliers
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actual ADJUSTED aggregate assumed bank beginning billion borrowing capital capital gains coefficients Column component consistent constant consumer consumption corporate cycle debt decline demand dependent deposits direct discounted distributed dividends durables earnings Economic effect equation estimated evidence exogenous expected expenditure Figure finance companies function future given growth household housing hypothesis impact implied important income increase indicated initial instalment credit interest interest rates investment labor least less lines liquidity constraints loans losses lower marginal measure mechanism monetary policy money supply multiplier Note obtained particular path peak percent period present quarter ratio reason reduced form regression relative reported response restraint rise saving significant simulation spending statistical stock market suggest Table tend theory variable wealth wealth effect worth zero