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In this paper we show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level data. We propose a flexible specification of preferences that allows multi- ple commodities and yields empirically tractable equations. We esti- mate preference parameters using the only U.S. micro data set with complete consumption information. We show that previous rejec- tions can be explained by the simplifying assumptions made in previ- ous studies. We also show that results obtained using good consump- tion or aggregate data can be misleading.

Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey