consumption.Next, we estimate this dynamic consumption equation for a panel of 15 OECD countries over the period 1972-2007 taking … simulations. The estimation results support the labour-consumption complementarity hypothesis but not the other forms of …This paper examines the sources of stickiness in aggregate consumption growth. We first derive a dynamic consumption …

We empirically assess whether a usually expected negative response of private consumption and private investment to a … HP-based; and iii) the Hamilton (2018)-based. We find that: i) increases in government consumption have a Keynesian … effect on real per capita private consumption; ii) there is a positive effect of tax increases on private consumption when …

of a dynamic panel data model for German states between 1970 and 2006. Our preferred specification relates changes in … consumption to a 'surprise' term in permanent income as well as past values of consumption growth. We can interpret this … income growth measuring the excess sensitivity of consumption with respect to income changes and thus the degree of liquidity …

variables, we use instrumental variables estimation. We exploit both the temporal and spatial dimensions of the panel by …This paper uses housing returns to estimate the elasticity of intertemporal substitution (EIS) in consumption for ….e., equity and bill returns. An estimable regression equation for aggregate consumption growth and returns is obtained from the …

requires only panel data on consumption and income. Using the Panel Study of Income Dynamics, we find-in contrast to the … consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which … incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …

requires only panel data on consumption and income. Using the Panel Study of Income Dynamics, we find---in contrast to the … consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which … incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …

wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated …We explore the long and short run relationship between private consumption, disposable income and housing and financial … explain aggregate consumption behaviour. The cointegrating vector is robust and in line with the life cycle permanent income …

We develop a new quantile-based panel data framework to study the nature of income persistence and the transmission of … income shocks to consumption. Log-earnings are the sum of a general Markovian persistent component and a transitory …. Consumption is modeled as an age-dependent nonlinear function of assets and the two earnings components. We establish the …

We develop a new quantile-based panel data framework to study the nature of income persistence and the transmission of … income shocks to consumption. Log-earnings are the sum of a general Markovian persistent component and a transitory …. Consumption is modeled as an age-dependent nonlinear function of assets and the two earnings components. We establish the …