Consumption and Wealth: An International Comparison

J. A. Sefton and Jan in 't Veld

Manchester School, 1999, vol. 67, issue 4, 525-544

Abstract: This paper derives the discrete‐time counterpart of Blanchard’s overlapping generations model of consumer expenditure. The model is combined with two different models of liquidity‐constrained consumers; in the first the percentage of income accruing to such consumers is constant; in the second it is allowed to decrease over time. These models are estimated for five countries over the period 1967–92, and pass all standard specifications as well as some alternative non‐parametric tests. Our estimates suggest that in Canada and the USA the number of liquidity‐constrained consumers decreased substantially in the late 1970s and early 1980s. In Germany and the UK these changes occurred later and were less pronounced.

Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://doi.org/10.1111/1467-9957.00160

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:manchs:v:67:y:1999:i:4:p:525-544

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1463-6786

Access Statistics for this article

Manchester School is currently edited by Keith Blackburn

More articles in Manchester School from University of Manchester Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().