@techreport{NBERw13876,
 title = "International Evidence on Sticky Consumption Growth",
 author = "Christopher D. Carroll and Jiri Slacalek and Martin Sommer",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13876",
 year = "2008",
 month = "March",
 URL = "http://www.nber.org/papers/w13876",
 abstract = {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 autocorrelation, with a stickiness parameter of about 0.7 on average across countries. The sticky-consumption-growth model outperforms the random walk model of Hall (1978), and typically fits the data better than the popular Campbell and Mankiw (1989) model. In several countries, the sticky-consumption-growth and Campbell-Mankiw models work about equally well.},
}