NGECON lädt ein zum Vortrag von Thomas Jørgensen (University College London/University of Copenhagen) [13.10.17]
Unter dem Namen Next Generation Economics (NGECON) haben sich Post-Docs der Universitäten Hohenheim und Tübingen zusammengeschlossen. Im Mittelpunkt steht der fachliche Austausch miteinander und im Rahmen einer Seminarreihe mit hochrangigen Gästen. Der erste Vortragstermin im Wintersemester 2017/2018 ist am 24.10.2017, 16-18 Uhr in HS 33:
Thomas Jørgensen University College London, University of Copenhagen presents “Imperfect Information about Permanent Income and the Consumption Response to Income Shocks”
Abstract: We construct a novel consumption-saving model where households must infer their permanent income from income realizations together with an additional noisy private signal. We then study how consumption responds to income shocks in our framework where consumers cannot perfectly distinguish permanent from transitory income shocks. The degree of imperfect information has important consequences for the interpretation of transmission parameters to transitory and permanent income shocks. Our theoretical results motivate the identification of the degree of knowledge from panel data on income and consumption. Finally, we estimate a high degree of knowledge in the Panel Study of Income Dynamics.
