Collado, M. DoloresUniversidad Carlos III de Madrid. Departamento de Economía2009-04-142009-04-141995-112340-5031https://hdl.handle.net/10016/3950The 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.application/pdfengAtribución-NoComercial-SinDerivadas 3.0 EspañaLife-cycle modelSeparabilityAggregate ShocksPanel Dataworking paperEconomíaopen access