Carroll, Chris (contributor); Slacalek, Jirka (contributor); … - 2008
) (henceforth BCF), who estimate a habit formation model using data on total personal
consumption expenditures for six countries …
argues that weather-related events can signi cantly in uence aggregate con-
sumption expenditures. For example, under some …, Italy, the U.K.
and the U.S.); total personal consumption expenditures are therefore used for
the other sample countries.12 …