Micro vs. macro consumption data: the cyclical properties of the consumer expenditure survey

Rodolfo Campos and Dionisio García-Píriz
Authors registered in the RePEc Author Service: Iliana Reggio

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

Abstract: The Consumer Expenditure Survey (CEX) offers the most comprehensive consumption data at the consumer level for the United States. Several previous studies have shown a large gap between per-capita consumption from the CEX and the aggregate Personal Consumption Expenditure (PCE) series. While previous research has focused on consumption levels, we focus on the cyclical properties of consumption. We find that the cyclical properties of consumption expenditure data from the two sources are quantitatively very different. This result calls for caution when using CEX data for business cycle research.

Keywords: Consumption; Business; cycles; Consumer; expenditure; survey; Personal; consumption; expenditure (search for similar items in EconPapers)
JEL-codes: E01 E21 E32 (search for similar items in EconPapers)
Date: 2012-07-04
New Economics Papers: this item is included in nep-mac
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