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Aggregation under structural stability: the change in consumption of a heterogeneous population

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Author Info
Werner Hildenbrand
Alois Kneip
Abstract

It is shown how one can effectively use cross-section data in modelling the change over time in aggregate consumption expenditure of a heterogeneous population. The starting point of our aggregation analysis is a dynamic behavioral relation on the household level. Based on certain hypotheses on the evolution of the distribution of income and household characteristics we derive explanatory variables for the change in aggregate consumption expenditure which are quite different from the explanatory variables on the household level. It is shown that U.K. Family Expenditure Data support our theoretical model for aggregate consumption.

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Paper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number bgse4_2002.

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Length: 31
Date of creation: Jan 2002
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Handle: RePEc:bon:bonedp:bgse4_2002

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
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Web page: http://www.bgse.uni-bonn.de/index.php?id=494

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Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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  1. Malinvaud, Edmond, 1993. "A framework for aggregation theories," Ricerche Economiche, Elsevier, vol. 47(2), pages 107-135, June. [Downloadable!] (restricted)
  2. Hildenbrand, W. & Kneip, A. & Utikal, K.J., 1998. "Une analyse non parametrique des distributions du revenu et des caracteristiques des menages," Papers 9809, Catholique de Louvain - Institut de statistique.
  3. Blundell, Richard & Stoker, Thomas M., 2007. "Models of Aggregate Economic Relationships that Account for Heterogeneity," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 6, chapter 68 Elsevier. [Downloadable!] (restricted)
  4. Pischke, Jorn-Steffen, 1995. "Individual Income, Incomplete Information, and Aggregate Consumption," Econometrica, Econometric Society, vol. 63(4), pages 805-40, July. [Downloadable!] (restricted)
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  5. Deaton, A. & Grosh, M., 1998. "Consumption," Papers 191, Princeton, Woodrow Wilson School - Development Studies.
  6. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-92, December. [Downloadable!] (restricted)
  7. Hardle, W. & Hart, J., 1990. "A bootstrap test for positive definiteness of income effect matrices," CORE Discussion Papers 1990053, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    Other versions:
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