Arbeitspapier
The Stickiness of Aggregate Consumption Growth in OECD Countries: A Panel Data Analysis
This paper examines the sources of stickiness in aggregate consumption growth. We first derive a dynamic consumption equation which encompasses many recent developments in consumption theory: habit formation, intertemporal substitution effects, consumption based on current income, and non-separabilities between private consumption and both hours worked and government consumption.Next, we estimate this dynamic consumption equation for a panel of 15 OECD countries over the period 1972-2007 taking into account endogeneity issues and error cross-sectional dependence. To this end, we develop a generalised method of moments version of the common correlated effects pooled estimator and demonstrate its small sample behaviour using Monte Carlo simulations. The estimation results support the labour-consumption complementarity hypothesis but not the other forms of stickiness.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 10-049/2
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Macroeconomics: Consumption; Saving; Wealth
- Thema
-
Sticky Consumption
Dynamic Panel
Cross-Sectional Dependence
Gesamtwirtschaftlicher Konsum
Konsumtheorie
Schätzung
OECD-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Everaert, Gerdie
Pozzi, Lorenzo
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Everaert, Gerdie
- Pozzi, Lorenzo
- Tinbergen Institute
Entstanden
- 2010
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