Abstract
This paper studies the evolution of the consumption of durables in Brazil and tests the hypothesis of liquidity-constraints for the optimal decision of the representative agent. We also test whether consumption decisions on durable and non-durables are separable, which is critical in understanding consumption behavior and is assumed rather than tested in all previous papers investigating consumption in Brazil. Our empirical results suggest that a large proportion of consumers in Brazil face short-run liquidity constraints in the consumption of durables. We also find short-term restrictions involving the behavior of the consumption of non-durable goods, durable goods, and real income.
Highlights
Este artigo investiga amplamente a evoluc ̃ao do consumo de bens duraveis no Brasil a partir da decisao de consumo individual e da possibilidade de existir restric ̃ao ao credito
This paper studies the evolution of the consumption of durables in Brazil and tests the hypothesis of liquidity-constraints for the optimal decision of the representative agent
We test whether consumption decisions on durable and non-durables are separable, which is critical in understanding consumption behavior and is assumed rather than tested in all previous papers investigating consumption in Brazil
Summary
Hall (1978) considera o problema de otimizac ̃ao no qual o consumidor escolhe o seu consumo de bens nao-duraveis, cnt, sujeito a uma restric ̃ao orcamentaria. O fato de que ∆cnte uma inovac ̃ao, e de que ∆cdte uma M A(1), implica que qualquer combinac ̃ao linear, nao nula, entre a primeira diferenca do gasto em bens duraveis e nao-duraveis resulta em um processo M A(1), istoe, para γ = 0, ∆cnt − γ∆cdt ∼ M A(1).. Em todas as equac ̃oes de teste (10), (11) e (12), ha a necessidade de se usar tecnicas de variaveis instrumentais para estimar os parametros de interesse, pois a renda correntee, em geral, correlacionada com a surpresa no gasto dos consumidores que nao estao sujeitosa restric ̃ao de liquidez. Ha a necessidade de se usar tecnicas de variaveis instrumentais para se estimar a equac ̃ao de teste (13)
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