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Intertemporal Consumption and Consumer Demand

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Author Info

  • Keith R. McLaren
  • H. Youn Kim
  • Russel J. Cooper

Abstract

This paper integrates two strands of studies on consumer demand and consumption and provides a unified framework for analyzing consumer behavior employing an intertemporal two-stage budgeting procedure. We take a modified AIDS framework for the demand system and derive a general Euler equation by allowing for life-cycle behavior and precautionary saving. We also investigate liquidity constraints and habit formation in consumption behavior. The demand system and the Euler equation constitute a system of recursive equations with cross-equation parameter restrictions. The system is estimated jointly taking explicit account of model-compatible autocorrelation

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Bibliographic Info

Paper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 152.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:ausm04:152

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Keywords: consumer demand; Euler equation; two-stage budgeting;

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