{"title":"未来收入不确定时偏离债务中性的程度","authors":"J. Pemberton","doi":"10.1111/1467-9957.00071","DOIUrl":null,"url":null,"abstract":"This paper uses a model of stochastic consumption behavior over the life cycle to reconsider earlier conclusions by R. B. Barsky, N. G. Mankiw and S. P. Zeldes (1986) and R. J. Barro (1989) about the extent to which income uncertainty can induce departures from pure debt neutrality. Its results suggest that Barro understates, and Barksy, Mankiw, and Zeldes overstate, the importance of income uncertainty in this context. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"15 4","pages":"394-410"},"PeriodicalIF":0.0000,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1467-9957.00071","citationCount":"1","resultStr":"{\"title\":\"The Extent of Departures from Debt Neutrality When Future Income is Uncertain\",\"authors\":\"J. Pemberton\",\"doi\":\"10.1111/1467-9957.00071\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper uses a model of stochastic consumption behavior over the life cycle to reconsider earlier conclusions by R. B. Barsky, N. G. Mankiw and S. P. Zeldes (1986) and R. J. Barro (1989) about the extent to which income uncertainty can induce departures from pure debt neutrality. Its results suggest that Barro understates, and Barksy, Mankiw, and Zeldes overstate, the importance of income uncertainty in this context. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester\",\"PeriodicalId\":83172,\"journal\":{\"name\":\"The Manchester school of economic and social studies\",\"volume\":\"15 4\",\"pages\":\"394-410\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1997-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1111/1467-9957.00071\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Manchester school of economic and social studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/1467-9957.00071\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Manchester school of economic and social studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/1467-9957.00071","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Extent of Departures from Debt Neutrality When Future Income is Uncertain
This paper uses a model of stochastic consumption behavior over the life cycle to reconsider earlier conclusions by R. B. Barsky, N. G. Mankiw and S. P. Zeldes (1986) and R. J. Barro (1989) about the extent to which income uncertainty can induce departures from pure debt neutrality. Its results suggest that Barro understates, and Barksy, Mankiw, and Zeldes overstate, the importance of income uncertainty in this context. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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