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- W2039743695 abstract "This paper constructs and estimates a system of dynamic consumer demand equations under the assumption of rational expectations about anticipated human wealth. The traditional one-period budget constraint is replaced by the lifetime anticipated wealth constraint. Lagged dependent variables are rationalized by an adjustment cost argument. In the model presented, both the dynamic adjustment coefficients as well as the parameters characterizing the underlying long-run preferences are identified and can be estimated. We find that a weak version of the REH cannot be rejected on the data. In common with most empirical studies on demand behaviour we have to reject the symmetry restrictions." @default.
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- W2039743695 date "1986-08-01" @default.
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- W2039743695 title "An intertemporal system of dynamic consumer demand functions" @default.
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- W2039743695 doi "https://doi.org/10.1016/0014-2921(86)90064-4" @default.
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