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Cyclical Behaviour Of Consumption Of Non-Durable Goods: Spain Versus U.S.A

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Francisco Xavier Lores ()

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Abstract

This paper studies the excessive volatility of Spanish aggregate non-durables consumption with relation to aggregate income. In this paper we stress the importance of non-durables imports over the variability of total non-durables consumption and we propose a theoretical model that formalizes the relation between domestic and imported consumption. The main finding of the paper is that a model of intertemporal optimization where there is no credit constrain or government can produce so high volatilities of consumption as the ones observed.

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Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we014710.

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Date of creation: Oct 2001
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Handle: RePEc:cte:werepe:we014710

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  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  2. Ellen R. McGrattan, 1998. "A defense of AK growth models," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 13-27. [Downloadable!]
  3. Francisco Xavier Lores, 2001. "Growth And Cyclical Fluctuations In Spanish Macroeconomic Series," Economics Working Papers we014609, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  4. Fatas, Antonio, 2000. "Endogenous growth and stochastic trends," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 107-128, February. [Downloadable!] (restricted)
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  5. Juan J. Dolado & Miguel Sebastián & Javier Vallés, 1993. "Cyclical Patterns of the Spanish Economy," Banco de España Working Papers 9324, Banco de España.
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  6. Duran, Jorge, 2000. "Discounting Long Run Average Growth in Stochastic Dynamic Programs," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  7. Albert Marcet & Morten O. Ravn, 2001. "The HP-Filter in Cross-country Comparisons," Economics Working Papers 588, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2003. [Downloadable!]
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  8. Deaton, A. & Grosh, M., 1998. "Consumption," Papers 191, Princeton, Woodrow Wilson School - Development Studies.
  9. Luis A. Puch & Omar Licandro, 1997. "Are there any special features in the Spanish business cycle?," Investigaciones Economicas, Fundación SEPI, vol. 21(2), pages 361-394, May. [Downloadable!]
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  10. Juan J. Dolado & Miguel Sebastián & Javier Vallés, 1993. "Cyclical Patterns of the Spanish Economy," Banco de España Working Papers 9324, Banco de España.
  11. Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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