Consumption Shifts and Income Shocks: Extending the REPIH

Andrew Scott ()

Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: This paper extends the REPIH to allow for stochastic shifts in the utility function. The motivation for this is the substantial autonomous fluctuations in UK consumption at the business cycles and seasonal frequencies as well as the influence of demographics on preferences.

Keywords: UTILITY FUNCTION; CONSUMPTION; BUSINESS CYCLES (search for similar items in EconPapers)
JEL-codes: D11 D12 (search for similar items in EconPapers)
Date: 1996

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Persistent link: http://EconPapers.repec.org/RePEc:oxf:wpaper:99183

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