Carroll, Christopher D.; Slacalek, Jirka; Sommer, Martin - Center for Financial Studies - 2008
-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and …We estimate the degree of ‘stickiness’ in aggregate consumption growth (sometimes interpreted as reflecting consumption … degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky …