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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. Jonathan Heathcote & Fabrizio Perri & Giovanni L. Violante, 2010. "Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States: 1967-2006," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(1), pages 15-51, January.
  2. Battistin, Erich & Padula, Mario, 2010. "Survey Instruments and the Reports of Consumption Expenditures: Evidence from the Consumer Expenditure Surveys," CEPR Discussion Papers 8051, C.E.P.R. Discussion Papers.
  3. Giorgio E. Primiceri & Thijs van Rens, 2006. "Heterogeneous life-cycle profiles, income risk and consumption inequality," Economics Working Papers 945, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 2008.
  4. Stefano Eusepi & Bruce Preston, 2009. "Labor supply heterogeneity and macroeconomic comovement," Staff Reports 399, Federal Reserve Bank of New York.
  5. Jonathan Heathcote & Kjetil Storesletten & Giovanni L. Violante, 2009. "Quantitative macroeconomics with heterogeneous households," Staff Report 420, Federal Reserve Bank of Minneapolis.
  6. Richard Blundell & Luigi Pistaferri & Ian Preston, 2004. "Consumption inequality and partial insurance," IFS Working Papers W04/28, Institute for Fiscal Studies.
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