We estimate the degree of ‘stickiness’ in aggregate consumption growth (sometimes interpreted as reflecting consumption … habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high … degree of auto-correlation, with a stickiness parameter of about 0.7 on average across countries. The sticky-consumption …

stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …