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Separability and Aggregate Shocks in the Life‐cycle Model of Consumption: Evidence from Spain

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  • M. Dolores Collado

Abstract

The purpose of this paper is to test the life‐cycle permanent income hypothesis using an unbalanced panel from the Spanish family expenditure survey. Our model accounts for aggregate shocks and non‐separability in the Euler equation among consumption goods, contrary to most of the literature in this area. Our results do not indicate excess sensitivity of consumption growth to income.

Suggested Citation

  • M. Dolores Collado, 1998. "Separability and Aggregate Shocks in the Life‐cycle Model of Consumption: Evidence from Spain," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(2), pages 227-247, May.
    • Handle: RePEc:bla:obuest:v:60:y:1998:i:2:p:227-247
    DOI: 10.1111/1468-0084.00096
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    Cited by:

    1. Francisco Alvarez-Cuadrado & Jose Maria Casado & Jose Maria Labeaga, 2016. "Envy and Habits: Panel Data Estimates of Interdependent Preferences," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 78(4), pages 443-469, August.
    2. Mette Christensen, 2007. "Integrability of Demand Accounting for Unobservable Heterogeneity: A Test on Panel Data," Economics Discussion Paper Series 0713, Economics, The University of Manchester.
    3. Tomas Havranek & Anna Sokolova, 2016. "Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 130 Studies Say "Probably Not"," Working Papers 2016/08, Czech National Bank.
    4. M. Dolores Collado & Lilia Maliar & Serguei Maliar, 2003. "Quasi-Geometric Consumers: Panel Data Evidence," Working Papers. Serie AD 2003-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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