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Separability and aggregate shocks in the life-cycle model of consumption: evidence from Spain

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URI: https://hdl.handle.net/10016/3950
ISSN: 2340-5031
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we955428.pdf (573.31 KB)
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1995-11
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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.
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Life-cycle model, Separability, Aggregate Shocks, Panel Data
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DE - Working Papers. Economics. WE
Economists Online