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Chapter 68 Models of Aggregate Economic Relationships that Account for Heterogeneity

Blundell, Richard; Stoker, Thomas M. - In: Handbook of econometrics : volume 6A, (pp. 4609-4666). 2007

, consumption growth and wealth, and labor participation and wages. Each area involves treatment of heterogeneity and nonlinearity … at the individual level. Three types of heterogeneity are highlighted: heterogeneity in individual tastes, heterogeneity … in income and wealth risks, and heterogeneity in market participation. Work in each area is illustrated using results …

Persistent link: https://www.econbiz.de/10014024947

Biases in consumer elasticities based on micro and aggregate data : an integrated framework and empirical evaluation

Denton, Frank T.; Mountain, Dean C. - 2015

Policy analysis frequently requires estimates of aggregate (or mean) consumer elasticities. However, estimates are often made incorrectly, based on elasticity calculations at mean income. We provide in this paper an overall integrated analytical framework that encompasses these biases and...

Persistent link: https://www.econbiz.de/10010498377

How serious is the aggregation problem? : an empirical illustration

Halvorsen, Bente; Larsen, Bodil M. - In: Applied economics 45 (2013) 25/27, pp. 3786-3794

Persistent link: https://www.econbiz.de/10010345859

Does money matter in the IS curve? The case of the UK

Jones, Barry E.; Stracca, Livio - 2008

Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the...

Persistent link: https://www.econbiz.de/10011604950

Yksityisen kulutuksen ennustemalleja

Peussa, Aleksandr - 2014

The share of private consumption in gross domestic product is significant; therefore, private consumption has a great influence on economic growth, which makes it a major concept in economics. The purpose of the paper is to estimate and evaluate different forecasting models for private...

Persistent link: https://www.econbiz.de/10012037654

Understanding International Price and Consumption Disparities

Vo, Long - 2021

This study proposes a new measure of the tradability of 120+ commodities based on price dispersion. This approach is used to construct price indices of tradables and non-tradables for 150+ countries. The expenditure share of tradables is lower for richer countries, while the relative price of...

Persistent link: https://www.econbiz.de/10013243586

Aggregation and other biases in the calculation of consumer elasticities for models of arbitrary rank

Denton, Frank T.; Mountain, Dean C. - 2011

Consumer-related policy decisions often require analysis of aggregate responses or mean elasticities. However, in practice these mean elasticities are seldom used. Mean elasticities can be approximated using aggregate data, but that introduces aggregation bias for full and compensated price...

Persistent link: https://www.econbiz.de/10009315516

Does Money Matter in the IS Curve? The Case of the UK

Jones, Barry E.; Stracca, Livio - 2021

Persistent link: https://www.econbiz.de/10013316527

Weighting bias and inflation in the time of COVID-19 : evidence from Swiss transaction data

Seiler, Pascal - In: Swiss journal of economics and statistics 156 (2020) 1/13, pp. 1-11

Sharp changes in consumer expenditure may bias inflation during the COVID-19 pandemic. Using public data from debit card transactions, I quantify these changes in consumer spending, update CPI basket weights and construct an alternative price index to measure the effect of the COVID-induced...

Persistent link: https://www.econbiz.de/10012392561

Tracking U.S. consumers in real time with a new Weekly Index of Retail Trade

Brave, Scott A.; Fogarty, Michael; Aaronson, Daniel; … - 2021 - Revised

We create a new weekly index of retail trade that accurately predicts the U.S. Census Bureau's Monthly Retail Trade Survey (MRTS). The index's weekly frequency provides an early snapshot of the MRTS and allows for a more granular analysis of the aggregate consumer response to fast-moving events...

Persistent link: https://www.econbiz.de/10012500492

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