SNB paper models ‘sticky consumption’ in Switzerland
Approach gives more robust results, author finds
Using a "stickiness-based" approach to estimating the effect of wealth on consumption helps overcome problems with other methods, according to research published by the Swiss National Bank on November 4.
Alain Galli's paper Sticky consumption and wealth effects in Switzerland, finds a common approach to estimating wealth effects, cointegration, performs poorly on Swiss data, producing unstable outcomes. Results are more robust to changes in the underlying parameters when consumption is assumed
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