Does government growth reduce precautionary saving? (Journal article)

Hatzinikolaou, Dimitris

The paper extends the constant-relative-risk-aversio n model by endogenizing the Arrow- Pratt coefficient of relative risk aversion. The empirical application treats this coefficient as a linear function of the rate of growth of real government expenditure per worker and estimates a Euler equation for consumption using Greek annual aggregate data for the period 1960Γ 1993. The results support the view that government growth may cause a typical consumer to become less risk averse and save less.
Institution and School/Department of submitter: Πανεπιστήμιο Ιωαννίνων. Σχολή Οικονομικών και Κοινωνικών Επιστημών. Τμήμα Οικονομικών Επιστημών
ISSN: 0003-6846
Appears in Collections:Άρθρα σε επιστημονικά περιοδικά ( Ανοικτά)

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