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The adjustment of consumption to changing expectations about future income

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MA Flavin - The Journal of Political Economy, 1981 - JSTOR
Page 1. The Adjustment of Consumption to Changing Expectations about Future Income Marjorie
A. Flavin University of Virginia The paper analyzes the role of current income in providing new
information about future income and thus signaling changes in permanent income. ...
Cited by 1106 - Related articles - Get it from MIT Libraries - All 15 versions

On the limitations of government borrowing: A framework for empirical testing

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JD Hamilton… - 1985 - nber.org
This paper seeks to distinguish empirically between two views on the limitations of
government borrowing. According to one view, nothing precludes the government from
running a permanent budget deficit, paying interest due on the growing debt load simply ...
Cited by 678 - Related articles - Library Search - All 15 versions

Owner-Occupied Housing and the Composition of the Household Portfolio over the Life-cycle

[PDF] from escholarship.org
M Flavin… - 1998 - nber.org
This paper studies the impact of the portfolio constraint imposed by the consumption
demand for housing (the'housing constraint') on the household's optimal holdings of
financial assets. Since the ratio of housing to net worth declines as the household ...
Cited by 455 - Related articles - BL Direct - All 26 versions

Excess volatility in the financial markets: A reassessment of the empirical evidence

[PDF] from ucsd.edu
MA Flavin - The Journal of Political Economy, 1983 - JSTOR
Page 1. Excess Volatility in the Financial Markets: A Reassessment of the Empirical
Evidence Marjorie A. Flavin University of' Virginia Numerous authors, including Shiller,
LeRoy and Porter, and Sin- gleton, have reported empirical ...
Cited by 263 - Related articles - Get it from MIT Libraries - All 7 versions

Excess sensitivity of consumption to current income: liquidity constraints or myopia?

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M Flavin - 1984 - nber.org
Almost all of the recent empirical tests of the rational expectations-permanent income
hypothesis (RE-PIH) have rejected the hypothesis. The null hypothesis in this empirical
literature typically consists of the joint hypothesis that 1) agents' expectations are formed ...
Cited by 204 - Related articles - Library Search - All 12 versions

A model of housing in the presence of adjustment costs: A structural interpretation of habit persistence

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M Flavin… - 2004 - nber.org
The paper generalizes the Grossman and Laroque (1990) model of optimal consumption
and portfolio allocation in the context in which a durable good (or house) subject to
adjustment costs is both an argument of the utility function and a component of wealth. ...
Cited by 107 - Related articles - Library Search - BL Direct - All 25 versions

The excess smoothness of consumption: identification and interpretation

Full text - MIT Libraries
M Flavin - The Review of Economic Studies, 1993 - restud.oxfordjournals.org
Abstract Deaton's observation that consumption appears to be “too smooth” is easily
reconciled with the notion that consumption exhibits “excess sensitivity” to current income.
The reconciliation invokes the plausible assumption that households forecast on the basis ...
Cited by 84 - Related articles - BL Direct - All 10 versions

The joint consumption/asset demand decision: a case study in robust estimation

MA Flavin - 1991 - nber.org
Page 1. NBER WORKING PAPERS SERIES THE JOINT CONSUMPTION/ASSET
DEMAND DECISION: A CASE STUDY IN ROBUST ESTIMATION Marjorie Flavin
Working Paper No. 3802 NATIONAL BUREAU OF ECONOMIC ...
Cited by 31 - Related articles - Library Search - All 8 versions

[CITATION] Owner-occupied housing in the presence of adjustment costs: Implications for asset pricing and nondurable consumption

M Flavin - Manuscript, Dept. Econ., Univ. California, San Diego, 2001
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Robust estimation of the joint consumption/asset demand decision

M Flavin - 1999 - nber.org
The paper proposes an instrumental variables version of the Huber estimator as an
alternative to the IV-Krasker Welsch estimator. The IV-Huber estimator is analytically and
computationally much simpler than IV-Krasker Welsch. In the context of an empirical study ...
Cited by 15 - Related articles - BL Direct - All 7 versions

The excess smoothness of consumption: Identification and interpretation

M Flavin - 1988 - nber.org
The paper investigates the implications of the omitted information problem--that is, the
econometric problem which arises because an econometrician cannot explicitly include the
complete set of variables potentially used by agents--in the context of the" excess ...
Cited by 13 - Related articles - Library Search - All 7 versions

[CITATION] Time series evidence on the expectations hypothesis of the term structure

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M Flavin - Carnegie-Rochester Conference Series on Public …, 1984 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Time
series evidence on the expectations hypothesis of the term structure. Marjorie Flavin.
Carnegie-Rochester Conference Series on Public Policy, 1984, vol. 20, issue 1, pages 211-237. ...
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[CITATION] A model of housing in the presence of adjustment costs

M Flavin… - 2004
Cited by 4 - Related articles

[CITATION] 195%, Excess Sensitivity of Consumption to Current Income: Liquidity Constraints or Mpoia

MA Flavin - NBER Working Paper
Cited by 2 - Related articles

[PDF] Owner-Occupied Housing and the Composition of the Household Portfolio Over the Life Cycle

[PDF] from psu.edu
M Flavin… - Unpublished mimeo, 1997 - Citeseer
The paper studies the impact of the portfolio constraint imposed by the consumption demand
for housing (the “housing constraint”) on the household's optimal holdings of financial
assets. Since the ratio of housing to net worth declines as the household accumulates ...
Cited by 2 - Related articles - View as HTML - All 8 versions

[CITATION] A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence

F Marjorie, S Nakagawa - 2004 - NBER Working Papers 10458
Cited by 2 - Related articles

[PDF] Housing, Adjustment Costs, and Endogenous Risk Aversion

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M Flavin - 2009 - bde.eu
The utility function known as “constant relative risk aversion”(CRRA) is generally considered
more plausible than specifications that imply certainty equivalence or constant absolute risk
aversion, and for this reason has become the dominant specification of one-period utility ...
Cited by 2 - Related articles - View as HTML - All 8 versions

[CITATION] Reply to Scott F. Richard

Full text - MIT Libraries
M Flavin - Carnegie-Rochester Conference Series on Public …, 1984 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Reply
to Scott F. Richard. Marjorie Flavin. Carnegie-Rochester Conference Series on Public Policy,
1984, vol. 20, issue 1, pages 243-245. Date: 1984 Track citations by RSS feed. ...
Cited by 1 - Related articles - Cached - All 7 versions

Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio

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Full text - MIT Libraries
M Flavin… - The American Economic Review, 2011 - ingentaconnect.com
Abstract: The paper constructs a model of optimal portfolio allocation incorporating the role
of housing as collateral. Current house value is a state variable in the portfolio decision due
to a nonconvex adjustment cost. Holding risk aversion constant, the percentage of the ...
Cited by 1 - Related articles - All 10 versions

[PDF] For helpful comments we thank Elena Bisagni, James Hamilton, Bruce Lehmann, Takashi Yamashita and the referees. This is a revised version of the October, …

[PDF] from 198.144.41.19
M Flavin… - 2003 - 198.144.41.19
ABSTRACT The paper generalizes the Grossman and Laroque (1990) model of optimal
consumption and portfolio allocation in the context in which a durable good (or house)
subject to adjustment costs is both an argument of the utility function and a component of ...
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Edwards, Ben, 52, 55 Eisenhower, JG, 418 Ellison, Glenn, 276nl9 Elmendorf, Douglas, 18nl7, 268n8

JE Faber, A Finkelstein, M Flavin… - … aspects of social …, 2002 - books.google.com
Author Index Aaron, Henry, 16n8, 150, 152, 154, 168–70, 177, 202 Abel, Andrew, 88, 109
Akerlof, George, 396n2 Altig, David, 153, 327n1, 329, 331 Altonji, Joseph, 88 Arrau, Patricio,
328 Atkinson, Anthony B., 87, 88 Attanasio, OP, 406 Auerbach, Alan, 85, 109, 152, 327, ...
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[CITATION] Independence in normal and hearing impaired adolescent girls.

MC Flavin - 1977 - University of Illinois at the Medical …

[PDF] Owner-Occupied Housing: The Effect of the Collateral Constraint on the Household Portfolio

[PDF] from ucsd.edu
M Flavin… - 2009 - econ.ucsd.edu
Until recently, the conventional wisdom in the portfolio choice literature held that the strategy
of simply adding housing to the vector of assets and then identifying the optimal portfolio as
the vector of asset holdings that achieves mean-variance efficiency was “incorrect”. As is ...
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Excellence in Refereeing Award

VV Acharya, SN Ali, J Apesteguia, P Arcidiacono… - 209.197.108.139
The American Economic Association would like to congratulate its 2010 American Economic
Review Excellence in Refereeing Award recipients. The award recognizes the outstanding
work of those referees whose service and dedication have contributed to the high quality ...
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[CITATION] Owner-Occupied Housing

M Flavin… - 2008
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Housing, Adjustment Costs, and Macro Dynamics

[PDF] from ucsd.edu
MA Flavin - CESifo Economic Studies, 2011 - CESifo Group
Skip Navigation. ...
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[CITATION] Econometric tests of the rational expectations- permanent income hypothesis

M Flavin - 1981 - en.scientificcommons.org
Publikationsansicht. 2941327. Econometric tests of the rational expectations - permanent income
hypothesis / (1981). Flavin, Marjorie. Abstract. Thesis (Ph. D.)--Massachusetts Institute of
Technology, Dept. of Economics, 1981.. Supervised by Robert E. Hall.. Vita.. ...
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Owner-Occupied Housing: The Role of Collateral Constraints on the Household Portfolio

[PDF] from ucsd.edu
M Flavin… - 2010 - papers.ssrn.com
Abstract: The paper constructs a model of optimal portfolio allocation that focuses on the role
of housing as collateral, allows for house price risk, and assumes that altering the quantity of
housing incurs an adjustment cost. Because of the adjustment cost, the current house ...
Related articles - All 2 versions

[BOOK] A user's guide to the three sector quarterly macro data base

[PDF] from mit.edu
KA Mork, M Flavin… - 1978 - en.scientificcommons.org
Abstract A USER GUIDE THE THREE SECTOR QUARTERLY MACRO DATA BASE Knut
Anton Mork Marjorie Flavin and Dianne Pauls October Energy Laboratory MIT Working
Paper MIT Definitions the Three Sectors The Energy Sector defined Coal Mining and Oil ...
Cached - Get it from MIT Libraries - Library Search - All 4 versions

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