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The Intertemporal Allocation of Expenditure on Non-durables, Services, and Durables

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  • Martin J. Browning

Abstract

This paper presents estimates of the parameters of a consumption function for U.S. quarterly, seasonally-unadjusted data on nondurables, services, and durables. The theoretical novelty in the approach the author presents is in the derivation of the consumption function from an underlying many-goods allocation problem. Applying this model with an appropriate estimator to the data, he finds that (1) the (homogeneity) restrictions suggested by theory are not rejected; (2) there is no evidence of excess sensitivity to income; (3) there is no evidence to suggest that agents cannot adjust their durable stocks as they would wish; and (4) the intertemporal substitution elasticity is not well-determined.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 22 (1989)
Issue (Month): 1 (February)
Pages: 22-36

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Handle: RePEc:cje:issued:v:22:y:1989:i:1:p:22-36

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Cited by:
  1. Mario Padula, 1999. "Euler Equations and Durable Goods," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 30, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  2. Gary Wong, 2001. "Towards A More General Approach To Testing The Time Additivity Hypothesis," School of Economics and Finance Discussion Papers and Working Papers Series, School of Economics and Finance, Queensland University of Technology 098, School of Economics and Finance, Queensland University of Technology.
  3. José Alberto Molina Chueca, 1998. "La elasticidad de sustitución intertemporal en el consumo: evidencia empírica en países representativos de la OCDE," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 9, pages 119-131, Junio.
  4. Attanasio, O.P. & Browning, M.J., 1993. "Consumption over the life cycle and over the business cycle," Discussion Paper, Tilburg University, Center for Economic Research 1993-14, Tilburg University, Center for Economic Research.
  5. H. Kim & Keith McLaren & K. Wong, 2013. "Empirical demand systems incorporating intertemporal consumption dynamics," Empirical Economics, Springer, Springer, vol. 45(1), pages 349-370, August.
  6. Erdinc Telatar & Funda Telatar & Sadiye Turkmen, 2000. "Frisch Demand Functions and Intertemporal Behaviour in Consumption: The Turkish Case," The Pakistan Development Review, Pakistan Institute of Development Economics, Pakistan Institute of Development Economics, vol. 39(3), pages 235-246.

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