Habit Persistence, Non-Separability between Consumption and Leisure, or Rule-of-Thumb Consumers : Which Accounts for the Predictability of Consumption Growth?

Consumption growth is predictable, a basic violation of the permanent-income hypothesis. This paper examines three possible explanations: rule-of-thumb behavior, in which households allow consumption to track per-period income flows rather than permanent income; habit persistence; and non-separability in preferences over consumption and leisure. The data appear most consistent with non-separable preferences over consumption and leisure

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Year of publication:	2007
Authors:	Kiley, Michael T.
Publisher:	[S.l.] : SSRN
Subject:	Konsumentenverhalten \| Consumer behaviour \| Privater Konsum \| Private consumption \| Einkommenshypothese \| Income hypothesis \| Schätzung \| Estimation \| Präferenztheorie \| Theory of preferences

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Extent:	1 Online-Ressource (20 p)
Series:	FEDS Working Paper ; No. 2007-48
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 1, 2007 erstellt
Other identifiers:	10.2139/ssrn.1034271 [DOI]
Classification:	E21 - Consumption; Saving ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014222407