13,249 research outputs found
International evidence on sticky consumption growth
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
Dissecting saving dynamics: measuring wealth, precautionary, and credit effects
We argue that the U.S. personal saving rateâs long stability (1960sâ1980s), subsequent steady decline (1980sâ2007), and recent substantial rise (2008â2011) can be interpreted using a parsimonious âbuffer stockâ model of consumption in the presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between âtargetâ and actual wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and uncertainty capture the bulk of the business-cycle variation
International Evidence On Sticky Consumption Growth
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.
International evidence on sticky consumption growth.
We estimate the degree of âstickinessâ 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 auto-correlation, 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 CampbellâMankiw models work about equally well. JEL Classification: C6, D9, E2Consumption Dynamics, Habit Formation, Sticky Expectations
International Evidence On Sticky Consumption Growth
We estimate the degree of âstickinessâ 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.Sticky Expectations, Consumption Dynamics, Habit Formation.
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Evaluation of a closed-circuit television display in landing operations with a helicopter
Evaluating closed circuit television display in helicopter landing operation
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