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Separability and Aggregate Shocks in the Life-Cycle Model of Consumption: Evidence from Spain

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  • Collado, M Dolores

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. The author's model accounts for aggregate shocks and nonseparability in the Euler equation among consumption goods, contrary to most of the literature in this area. Her results do not indicate excess sensitivity of consumption growth to income. Copyright 1998 by Blackwell Publishing Ltd

Suggested Citation

  • Collado, M Dolores, 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:227-47
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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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