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LaTeX source for the paper and programs for International Evidence On Sticky Consumption Growth

Author

Listed:
  • Christopher Carroll

Programming Language

Mathematica Matlab

Abstract

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 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. In several countries, the sticky-consumption-growth and Campbell-Mankiw models work about equally well.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Christopher Carroll, 2008. "LaTeX source for the paper and programs for International Evidence On Sticky Consumption Growth," Economics Companion Software Archive 2, The Johns Hopkins University,Department of Economics.
    • Handle: RePEc:jhu:softwa:2
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    File URL: http://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC.zip
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    Keywords

    Mathematica; Matlab;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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