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| Author: | Krueger, D. Perri, F. |
| Title: | Understanding consumption smoothing: evidence from the U.S. consumer expenditure data |
| Journal: | Journal of the European Economic Association
2005 : APR-MAY, VOL. 3:2-3, p. 340-349 |
| Index terms: | consumer expenditure consumption models USA |
| Language: | eng |
| Abstract: | Consumption models with endogenous debt constraints differ from standard incomplete market models in their predictions about an individual household's ability to smooth consumption across time and states of the world. In this paper the differences are discussed and data from the U.S. Consumer Expenditure Survey (CE) is used in order to assess along which dimensions the predictions of these models are consistent with the empirical evidence. It is shown that both models fail to fully account for the data. A model that combines aspects of both might be more successful. |
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