TY  - UNPD
A1  - Carroll, Christopher D.
A1  - Slacalek, Jirka
A1  - Sommer, Martin
T1  - International evidence on sticky consumption growth
N2  - 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. JEL Classification: E21, F41
T3  - CFS working paper series - 2008, 09 
KW  - sticky expectations 
KW  - consumption dynamics 
KW  - habit formation
Y1  - 2008
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/92
UR  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hebis:30-54376
ER  -