INTERNATIONAL EVIDENCE ON STICKY CONSUMPTION GROWTH

被引：36

作者：

Carroll, Christopher D. ^{[1
]}

Slacalek, Jiri

Sommer, Martin ^{[2
]}

机构：

[1] Johns Hopkins Univ, Baltimore, MD 21218 USA

[2] Int Monetary Fund, Washington, DC 20431 USA

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2011年 / 93卷 / 04期

关键词：

HABIT FORMATION; AGGREGATE CONSUMPTION; INCOME; CYCLE; EXPECTATIONS; SENSITIVITY; SMOOTHNESS; HYPOTHESIS; EXPLAIN; WEALTH;

D O I：

10.1162/REST_a_00122

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper estimates the degree of stickiness in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky consumption growth model outperforms the random walk model of Hall (1978) and typically fits the data better than the popular Campbell and Mankiw (1989) model, though in a few countries, the sticky consumption growth and Campbell-Mankiw models work about equally well.

引用

页码：1135 / 1145

页数：11

共 53 条

[11] THE RESPONSE OF CONSUMPTION TO INCOME - A CROSS-COUNTRY INVESTIGATION [J].