International evidence on sticky consumption growth
by Chris Carroll
"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"--National Bureau of Economic Research web site.
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International evidence on sticky consumption growth
2008, National Bureau of Economic Research
Electronic resource
in English
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Title from PDF file as viewed on 6/16/2008.
Includes bibliographical references.
Also available in print.
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Mode of access: World Wide Web.
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| December 10, 2009 | Created by WorkBot | add works page |