INTERNATIONAL EVIDENCE ON STICKY CONSUMPTION GROWTH

• 成果类型: Article
• 署名作者: Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin
• 署名单位: Johns Hopkins University; International Monetary Fund
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00122
• 发表日期: 2011-11
• 页码: 1135-1145
• 关键词: habit formation; aggregate consumption; income; cycle; expectations; sensitivity; smoothness; hypothesis; explain; WEALTH

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.