Transaction costs and consumption
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2007 - Business & Economics - 44 pages
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Adam Copeland Andrew Cohen anticipated income changes anticipated income shocks April asset account asset holding asset return Athanasios Orphanides August average MPC Bank baseline model Bellman equations Beneﬁts Bodkin Brian Sack cash and assets cash balance cash constrained cash holding concave consumer consumerís consumption function consumption growth converged distribution Ct+1 December deﬁned demand for cash econometrician Economics Discussion Series equity premium puzzle Estimates Euler equation ﬁgure ﬁnd ﬁndings ﬁrst future income Household increase Inﬂation interest rate intertemporal Jonathan Jonathan H labor income liquidity constraints Market Monetary Policy Mt+1 nominal interest rate November October optimal consumption level parameters pay the transaction payments percent period predicts Prices probability of paying RE-PIH rt_1 s-S band saving Souleles standard model stochastic Tax Cut Timothy H transaction cost transfer wealth unanticipated value function Wayne Passmore wealth between cash windfall income shock zero