Blanchard's Model of Consumption: An Empirical Study
用加拿大季度数据检验布兰查德消费模型，估计家庭生命期限参数，发现数据不支持家庭永续假设，但模型本身被数据强烈拒绝。
Abstract This article derives several empirically testable implications for Blanchard's consumption model, which has been widely used in analytical macroeconomic research. Cointegration methods are applied. The parameter that measures the life horizon of households is estimated, and the consumption model is tested. Quarterly Canadian data are used. There is no empirical evidence against the assumption that households behave as if they live forever within Blanchard's framework. Blanchard's model of consumption is strongly rejected by the data, however. KEY WORDS: CointegrationLife horizon of householdsRicardian equivalence