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| Banerjee, Anurag N.; Basu, Parantap. |
| In this paper, we address the issue of excess sensitivity/ smoothness of consumption purely from an estimation and forecasting point of view. Suppose the agent estimates the income process using the past income data and obtains best linear unbiased forecasts of future income and then she computes permanent income using these forecasts. How far will she be if she misspecies the income process as a trend stationary process when truly it is diference stationary? Using the recently developed sensitivity indices for forecasts, we argue that for a plausible characterization of the deterministic trend term in the income process, the mispecication bias for estimate of marginal propensity to consume is of second order importance. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Consumer/Household Economics. |
| Ano: 1998 |
URL: http://purl.umn.edu/31876 |
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| Swinnen, Johan F.M.; Banerjee, Anurag N.; de Gorter, Harry. |
| This empirical study uses one hundred years of annual data on eleven agricultural commodities from Belgium to measure the impact of structural changes coinciding with economic development and changes in political institutions on agricultural protection. The analysis shows that changes in agricultural protection are caused by a combination of factors. Governments have increased protection and support to farmers when world market prices for their commodities fell, and vice versa, offsetting market effects on producer incomes. Other economic determinants were the share of the commodities in total consumer expenditures (negative effect) and in total output of the economy (positive effect). With Belgium a small economy, there was no impact of the trade... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural and Food Policy; Industrial Organization. |
| Ano: 2000 |
URL: http://purl.umn.edu/31875 |
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