IDEAS home Printed from https://ideas.repec.org/p/ncs/wpaper/17.html
   My bibliography  Save this paper

GARP, Separability and the Representative Agent

Author

Listed:
  • John J. Seater
  • Adrian Fleissig
  • Allastair Hall

Abstract

We examine whether annual, quarterly, and monthly U.S. aggregate consumption data could have been generated by a utility-maximizing representative agent with intertemporally separable utility. The model appears inapplicable over the full time periods covered by the NIPA data, which are the sample periods often used in the literature. The model does appear applicable, however, over long subsamples. The data also are inconsistent with separability assumptions routinely made in the literature. In particular, the main categories of consumption (nondurables, services, and durables) are not mutually separable. We consider the implications of our results for inference about consumption based on the representative-agent model.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • John J. Seater & Adrian Fleissig & Allastair Hall, "undated". "GARP, Separability and the Representative Agent," Working Paper Series 17, North Carolina State University, Department of Economics.
    • Handle: RePEc:ncs:wpaper:17
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Barnett, William A. & Serletis, Apostolos, 2008. "Consumer preferences and demand systems," Journal of Econometrics, Elsevier, vol. 147(2), pages 210-224, December.
    2. Serletis, Apostolos & Xu, Libo, 2021. "Consumption, Leisure, And Money," Macroeconomic Dynamics, Cambridge University Press, vol. 25(6), pages 1412-1441, September.
    3. Monia Landolsi & Kamel Bel Hadj Miled, 2024. "Semi-Nonparametric Estimation of Energy Demand in Tunisia," International Journal of Energy Economics and Policy, Econjournals, vol. 14(1), pages 254-263, January.
    4. Fleissig, Adrian R. & Whitney, Gerald A., 2008. "A nonparametric test of weak separability and consumer preferences," Journal of Econometrics, Elsevier, vol. 147(2), pages 275-281, December.
    5. Douglas Fisher & Adrian R. Fleissig & Apostolos Serletis, 2006. "An Empirical Comparison of Flexible Demand System Functional Forms," World Scientific Book Chapters, in: Money And The Economy, chapter 13, pages 247-277, World Scientific Publishing Co. Pte. Ltd..
    6. Manami Ogura, 2024. "Testing the aggregation of goods and services without separability using panel data," Empirical Economics, Springer, vol. 67(4), pages 1581-1613, October.
    7. Serletis, Apostolos & Rangel-Ruiz, Ricardo, 2005. "Microeconometrics and measurement matters: Some results from monetary economics for Canada," Journal of Macroeconomics, Elsevier, vol. 27(2), pages 307-330, June.
    8. Sarwar, haroon & Hussian, zakir & Awan, masood sarwar, 2011. "Money Demand Functions for Pakistan (Divisia Approach)," MPRA Paper 34361, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ncs:wpaper:17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Theofanis Tsoulouhas (email available below). General contact details of provider: https://edirc.repec.org/data/dencsus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.