English, Article, Journal or magazine article edition: International Evidence On Sticky Consumption Growth Jirka Slacalek; Christopher D. Carroll; Jiri Slacalek; ...

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Bookmark: http://trove.nla.gov.au/version/178943
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • International evidence on sticky consumption growth.
Author
  • Jirka Slacalek
  • Christopher D. Carroll
  • Jiri Slacalek
  • Martin Sommer
Physical Description
  • preprint
Notes
  • RePEc:nbr:nberwo:13876
  • RePEc:jhu:papers:542
  • RePEc:cfs:cfswop:wp200809
  • We estimate 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. In several countries, the sticky-consumption- growth and Campbell–Mankiw models work about equally well. JEL Classification: E21, F41.
  • Sticky Expectations, Consumption Dynamics, Habit Formation.
  • RePEc:ecb:ecbwps:20080886
Language
  • English
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