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Consumption and Wealth: An International Comparison

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  • J. A. Sefton
  • J. W. In’t Veld

Abstract

This paper derives the discrete‐time counterpart of Blanchard’s overlapping generations model of consumer expenditure. The model is combined with two different models of liquidity‐constrained consumers; in the first the percentage of income accruing to such consumers is constant; in the second it is allowed to decrease over time. These models are estimated for five countries over the period 1967–92, and pass all standard specifications as well as some alternative non‐parametric tests. Our estimates suggest that in Canada and the USA the number of liquidity‐constrained consumers decreased substantially in the late 1970s and early 1980s. In Germany and the UK these changes occurred later and were less pronounced.

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  • J. A. Sefton & J. W. In’t Veld, 1999. "Consumption and Wealth: An International Comparison," Manchester School, University of Manchester, vol. 67(4), pages 525-544, September.
    • Handle: RePEc:bla:manchs:v:67:y:1999:i:4:p:525-544
    DOI: 10.1111/1467-9957.00160
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    Cited by:

    1. Christian Dreger & Manuel Artís & Rosina Moreno & Raúl Ramos & Jordi Suriñach, 2007. "Study on the feasibility of a tool to measure the macroeconomic impact of structural reforms," European Economy - Economic Papers 2008 - 2015 272, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Philip Arestis & Malcolm Sawyer, 1999. "The Economic and Monetary Union: Current and Future Prospects," Economics Working Paper Archive wp_282, Levy Economics Institute.
    3. Mourinho Félix, Ricardo, 2005. "A macroeconomic structural model for the Portuguese economy," MPRA Paper 10465, University Library of Munich, Germany, revised 25 Nov 2005.

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