Certainty Equivalence and the Excess Sensitivity of Private Consumption
基于OECD国家面板数据，发现私人消费对当前收入的过度敏感性估计值无法用确定性等价模型解释。
For a panel of OECD countries, we show that the magnitude of the estimate for the excess sensitivity of private consumption to current income cannot be explained by a model based on certainty equivalence.