Separability and Aggregate Shocks in the Life-Cycle Model of Consumption: Evidence from Spain
The purpose of this paper is to test the life-cycle permanent income hypothesis using an unbalanced panel from the Spanish family expenditure survey. The author's model accounts for aggregate shocks and nonseparability in the Euler equation among consumption goods, contrary to most of the literature in this area. Her results do not indicate excess sensitivity of consumption growth to income. Copyright 1998 by Blackwell Publishing Ltd
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Volume (Year): 60 (1998)
Issue (Month): 2 (May)
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