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Micro vs. macro consumption data : the cyclical properties of the consumer expenditure survey

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  • Rodolfo G. Campos

    ()

  • Ilina Reggio

    ()

  • Dionisio García-Píriz

    ()

Abstract

The Consumer Expenditure Survey (CEX) offers the most comprehensive consumption data at the consumer level for the United States. Several previous studies have shown a large gap between per-capita consumption from the CEX and the aggregate Personal Consumption Expenditure (PCE) series. While previous research has focused on consumption levels, we focus on the cyclical properties of consumption. We find that the cyclical properties of consumption expenditure data from the two sources are quantitatively very different. This result calls for caution when using CEX data for business cycle research.

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File URL: http://e-archivo.uc3m.es/bitstream/10016/14892/1/we1220.pdf
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Bibliographic Info

Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we1220.

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Date of creation: Jul 2012
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Handle: RePEc:cte:werepe:we1220

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Keywords: Consumption; Business cycles; Consumer expenditure survey; Personal consumption expenditure;

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  1. Primiceri, Giorgio E. & van Rens, Thijs, 2006. "Heterogenous Life-Cycle Profiles, Income Risk and Consumption Inequality," CEPR Discussion Papers 5881, C.E.P.R. Discussion Papers.
  2. Richard Blundell & Luigi Pistaferri & Ian Preston, 2004. "Consumption inequality and partial insurance," IFS Working Papers W04/28, Institute for Fiscal Studies.
  3. Jonathan Heathcote & Fabrizio Perri & Giovanni L. Violante, 2009. "Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006," NBER Working Papers 15483, National Bureau of Economic Research, Inc.
  4. Jonathan Heathcote & Kjetil Storesletten & Giovanni L. Violante, 2009. "Quantitative Macroeconomics with Heterogeneous Households," Annual Review of Economics, Annual Reviews, vol. 1(1), pages 319-354, 05.
  5. Stefano Eusepi & Bruce Preston, 2009. "Labor Supply Heterogeneity and Macroeconomic Co-movement," NBER Working Papers 15561, National Bureau of Economic Research, Inc.
  6. Erich Battistin & Mario Padula, 2010. "Survey Instruments and the Reports of Consumption Expenditures: Evidence from the Consumer Expenditure Surveys," CSEF Working Papers 259, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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