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Population age structure and private consumption in Spain

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Author Info
Begoña Eguia
Cruz Echevarria

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Abstract

In this paper we study the effect of population age distribution upon private consumption expenditure in Spain from 1964 to 1997 using aggregate data. We obtain four main results. First, changes in the population pyramid have substantial effects upon the behaviour of private consumption. Second, the pattern of the coefficients of the demographic variables is not consistent with the simplest version of the life cycle hypothesis. Third, we estimate the impact of the demographic transition upon consumption and find positive values associated with episodes in which the shares of groups of individuals with expenditure levels higher (lower) than the mean increased (decreased). Fourth, the results are robust to alternative specifications for the population age distribution.

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 18 (2004)
Issue (Month): 3 (September)
Pages: 299-319
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Handle: RePEc:taf:intecj:v:18:y:2004:i:3:p:299-319

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Related research
Keywords: JEL Classification: E20; J19; Aggregate data; demographic heterogeneity; age; consumption;

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References listed on IDEAS
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  1. Cruz Angel Echevarría & Begoña Eguía, 2003. "Population Age Structure and Housing Investment in Spain," DFAEII Working Papers 200214, University of the Basque Country - Department of Foundations of Economic Analysis II.
  2. Herce, Jose-Antonio & Sosvilla-Rivero, Simon, 1995. "HERMIN Spain," Economic Modelling, Elsevier, vol. 12(3), pages 295-311, July. [Downloadable!] (restricted)
  3. Deaton, Angus S & Ruiz-Castillo, Javier & Thomas, Duncan, 1989. "The Influence of Household Composition on Household Expenditure Patterns: Theory and Spanish Evidence," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 179-200, February. [Downloadable!] (restricted)
  4. Ray C. Fair & Kathryn M. Dominguez, 1987. "Effects of the Changing U.S. Age Distribution on Macroeconomic Equations," Cowles Foundation Discussion Papers 839, Cowles Foundation, Yale University. [Downloadable!]
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  5. Horioka, C.Y. & Okui, M., 1998. "A U.S.-Japan Comparison of the Importance and Determinants of Retirement Saving," Papers 470, Osaka - Institute of Social and Economic Research.
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  6. Lindh, Thomas & Malmberg, Bo, 1998. "Age structure and inflation - a Wicksellian interpretation of the OECD data," Journal of Economic Behavior & Organization, Elsevier, vol. 36(1), pages 19-37, July. [Downloadable!] (restricted)
  7. Orazio Attanasio & James Banks & Sarah Tanner, 1998. "Asset holding and consumption volatility," IFS Working Papers W98/08, Institute for Fiscal Studies.
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