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LaTeX source for the paper and programs for International Evidence On Sticky Consumption Growth

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  • Christopher Carroll

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Abstract

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.

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File URL: http://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC.zip
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Bibliographic Info

Software component provided by The Johns Hopkins University,Department of Economics in its series Economics Companion Software Archive with number 2.

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Programming language: Mathematica
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Date of creation: Mar 2008
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Handle: RePEc:jhu:softwa:2

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