International evidence on sticky consumption growth
By: Christopher D. Carroll, Jiri Slacalek, Martin Sommer.
Contributors: Slacalek, Jiri, 1975-; Sommer, Martin.; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 13876; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13876.
Publisher: National Bureau of Economic Research
Published: 2008
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies.  We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness parameter of about 0.7 on average across countries.  The sticky-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and Mankiw (1989) model.  In several countries, the sticky-consumption-growth and Campbell-Mankiw models work about equally well"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 6/16/2008.

Includes bibliographical references.

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