this paper aims to investigate the role of each aggregate spending component in the monetary policy transmission in indonesia. it assesses the relative strength of the role of each spending component in the monetary policy transmission. in so doing, this study employs the contribution analysis, which is calculated based on the cumulative impulse response of each component of gdp to a monetary p...

Duesenberry introduced the notion of a ratchet investor who does not tolerate any decline in her consumption rate. We connect the demand behavior of such an agent to the behavior of standard time–additive agents. A ratchet investor demands the running maximum of the optimal plan a conventional time–additive investor with lower initial wealth would choose. JEL subject classification. D91

We study a multi-sector model of growth with differences in TFP growth rates across sectors and derive sufficient conditions for the coexistence of structural change, characterized by sectoral labor reallocation, and balanced aggregate growth. The conditions are weak restrictions on the utility and production functions. Along the balanced growth path, labor employed in the production of consump...

We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the products. The evidence thus suggests that different representations of money matters for consumer beha...

Intertemporal correlation aversion is an intuitive concept indicating whether an individual prefers lotteries concerning consumption at different moments in time to be positively or negatively correlated. I show that the difference between the coefficient of relative risk aversion and the inverse of the intertemporal elasticity of substitution is related, in a simple way, to the index of intert...

This paper presents a general model of an exchange economy with consumption externalities, and establishes the existence of equilibrium in the model, under assumptions comparable to those in classical models. The key aspect of the model is that the economy is described in distributional terms. JEL Classification D5

thin layer drying of russian olive (elaeagnusan gastifolial l.) fruit using a hot air dryer in order to calculate effective moisture diffusivity, activation energy and energy consumption has been evaluated in this article. the selected variables included three levels of air velocity of 0.5, 1 and 1.5 m/s and three air temperature levels of 50, 60 and 70°c. increased air temperature increased ef...

This paper shows how agricultural productivity shocks can generate large industrial output fluctuations in poor countries, using a static general-equilibrium model with Stone-Geary preferences. A negative shock to agricultural productivity increases food prices, which affects manufacturing output through two channels: (1) meeting subsistence requirements in the face of rising food prices causes...

This paper examines how the patterns of India’s food consumption have been changing in recent times as a consequence of her faster economic growth and generally rising affluence levels. The study, also, presents evidence on the nutritional implications of these changes to reinforce some of the findings on the observed changes in the food consumption patterns. The exercise estimates the Quadrati...