.zenodo.json

{
  "title": "Sticky Expectations and Consumption Dynamics",
  "publication_date": "2018-02-24", 
  "creators": [{
      "name": "Carroll, Christopher D",
      "affiliation": "Department of Economics, Johns Hopkins University"
  }, {
      "name": "Crawley, Edmund",
      "affiliation": "Department of Economics, Johns Hopkins University"
  }, {
      "name": "Slacalek, Jiri",
      "affiliation": "DG Research, European Central Bank"
  }, {
      "name": "Tokuoka, Kiichi",
      "affiliation": "Ministry of Finance, Japan"
  }, {
      "name": "White, Matthew N",
      "affiliation": "Department of Economics, University of Delaware"
  }],
  "description": "Macroeconomic models often invoke consumption 'habits' to explain the substantial persistence of aggregate consumption growth, but a large literature has found essentially no evidence of habits in micro data. We show that the apparent conflict can be explained using a model in which consumers have accurate knowledge of their personal circumstances but 'sticky expectations' about the macroeconomy. Aggregate consumption growth exhibits persistence generated by consumers' imperfect attention to aggregate shocks, even though at the individual level consumption growth appears to be serially uncorrelated (because it is dominated by idiosyncratic shocks). In contrast with models in the existing literature, our model is consistent with both micro and macro stylized facts about consumption dynamics.",
  "keywords": [
    "consumption",
    "expectations",
    "sticky expectations",
    "habits",
    "inattention",
    "imperfect information"
  ],
  "license": "Apache-2.0",
  "upload_type": "publication", 
    "related_identifiers": [
        {
            "scheme": "url", 
            "identifier": "https://github.com/econ-ark/HARK/", 
            "relation": "isSupplementTo"
        }
    ]
}