Separability and Aggregate Shocks in the Life‐cycle Model of Consumption: Evidence from Spain
利用西班牙家庭支出调查的不平衡面板数据，检验生命周期持久收入假说，模型考虑了总体冲击和消费品的非可分离性，结果未发现消费增长对收入过度敏感。
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.