• INERTIAL BEHAVIOR ON SCHEDULE AND HIERARCHICAL DECOMPOSITION 

      Ermini, Luigi
      Published 1988-07-01
      This paper compares inertial behavior on schedule and hierarchically decomposed behavior, and establishes some conditions under which the latter is superior to the former. Inertial behavior relates to an agent who, facing ...
      Open Access
      Working Paper
    • THE LIMITS OF SYSTEM CONTROL THEORY FOR ECONOMIC POLICY-MAKING 

      Ermini, Luigi
      Published 1988-07-01
      Abstract This paper discusses some reasons why system control theory has had only a limited impact on economic analysis, especially on government policy¬making. First, in engineering targets are well formulated and known ...
      Open Access
      Working Paper
    • Reinterpreting a Recent Temporally Aggregated Consumption-Cap Model 

      Ermini, Luigi
      Published 1988-12-01
      Recent literature has found that the estimated values of the coefficient of relative risk aversion in consumption-based asset pricing models are much higher than indicated by the theory. Moreover, these values still remain ...
      Open Access
      Working Paper
    • Shock Persistence in Australian Output and Consumption 

      Ermini, Luigi
      Published 1990-03-01
      The distinction between transitory and permanent shocks bears important implications for economic analysis in general, and for forecasting and policy issues in particular. This distinction is at the centre of the debate ...
      Open Access
      Working Paper
    • SHOCK PERSISTENCE IN AUSTRALIAN OUTPUT AND CONSUMPTION 

      Ermini, Luigi
      Published 1990-03-01
      The distinction between transitory and permanent shocks bears important implications for economic analysis in general, and for forecasting and policy issues in particular. This distinction is at the centre of the debate ...
      Open Access
      Working Paper
    • SOME NEW EVIDENCE ON THE TIMING OF CONSUMPTION DECISIONS AND ON THEIR GENERATING PROCESS 

      Ermini, Luigi
      Published 1988-03-01
      While quarterly consumption data are known to be well fitted by an integrated first-order moving average process, IMA (1,1), with a positive coefficient, it is found that monthly consumption data are well fitted by the ...
      Open Access
      Working Paper
    • Transitory Consumption and Measurement Errors in the Permanent Income Hypothesis 

      Ermini, Luigi
      Published 1989-06-01
      The error term in the equation defining the permanent income hypothesis is sometimes viewed in the literature as transitory consumption (generated by the agent), and is sometimes viewed as measurement error (generated by ...
      Open Access
      Working Paper