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Cyclical behaviour of consumption of non-durable goods: Spain versus U.S.A

Francisco Lores ()

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

Abstract: This paper studies the excessive volatility of Spanish aggregate non-durables consumption with relation to aggregate income. In this paper we stress the importance of non-durables imports over the variability of total non-durables consumption and we propose a theoretical model that formalizes the relation between domestic and imported consumption. The main finding of the paper is that a model of intertemporal optimization where there is no credit constrain or government can produce so high volatilities of consumption as the ones observed.

Date: 2001-10
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