Separability and Aggregate Shocks in the Life‐cycle Model of Consumption: Evidence from Spain

M. Dolores Collado

Oxford Bulletin of Economics and Statistics, 1998, vol. 60, issue 2, 227-247

Abstract: The purpose of this paper is to test the life‐cycle permanent income hypothesis using an unbalanced panel from the Spanish family expenditure survey. Our model accounts for aggregate shocks and non‐separability in the Euler equation among consumption goods, contrary to most of the literature in this area. Our results do not indicate excess sensitivity of consumption growth to income.

Date: 1998
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