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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
ECB Working Paper No. 886
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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 auto-correlation, 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.
Schlagwörter: 
Consumption Dynamics
Habit Formation
Sticky Expectations
JEL: 
C6
D9
E2
Dokumentart: 
Working Paper

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