GARP, Separability and the Representative Agent
AbstractWe examine whether annual,quarterly, and monthly U.S. aggregateconsumption data could have beengenerated by a utility-maximizingrepresentative agent withintertemporally separable utility. Themodel appears inapplicable over the fulltime periods covered by the NIPA data,which are the sample periods often usedin the literature. The model doesappear applicable, however, over longsubsamples. The data also areinconsistent with separabilityassumptions routinely made in theliterature. In particular, the maincategories of consumption (nondurables,services, and durables) are not mutuallyseparable. We consider the implicationsof our results for inference aboutconsumption based on the representative-agent model.
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Bibliographic InfoPaper provided by North Carolina State University, Department of Economics in its series Working Paper Series with number 17.
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- Barnett, William A. & Serletis, Apostolos, 2008.
"Consumer preferences and demand systems,"
8413, University Library of Munich, Germany.
- William Barnett & Apostolos Serletis, 2008. "Consumer preferences and demand systems," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200801, University of Kansas, Department of Economics, revised Jan 2008.
- Sarwar, haroon & Hussian, zakir & Awan, masood sarwar, 2011. "Money Demand Functions for Pakistan (Divisia Approach)," MPRA Paper 34361, University Library of Munich, Germany.
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- Serletis, Apostolos & Rangel-Ruiz, Ricardo, 2005. "Microeconometrics and measurement matters: Some results from monetary economics for Canada," Journal of Macroeconomics, Elsevier, vol. 27(2), pages 307-330, June.
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