Garp, Separability, And The Representative Agent
AbstractWe examine whether annual,quarterly, and monthly U.S. aggregateconsumption data could have beengenerated by a utility-maximizingrepresentative agent withintertemporally separable utility. Themodel appears inapplicable over the fulltime periods covered by the NIPA data,which are the sample periods often usedin the literature. The model doesappear applicable, however, over longsubsamples. The data also areinconsistent with separabilityassumptions routinely made in theliterature. In particular, the maincategories of consumption (nondurables,services, and durables) are not mutuallyseparable. We consider the implicationsof our results for inference aboutconsumption based on the representative-agent model.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Macroeconomic Dynamics.
Volume (Year): 4 (2000)
Issue (Month): 03 (September)
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"Consumer preferences and demand systems,"
WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS
200801, University of Kansas, Department of Economics, revised Jan 2008.
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