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\title[Sticky Expectations and C Dynamics]{Sticky Expectations and C Dynamics\\
Empirical Results Template}
%\dedicatory{\emph{Note Nr.\ 1}}
\date{\today}
\maketitle




\begin{table} \caption{Aggregate Consumption Dynamics in US Data}
\centering
$\Delta\log\mathbf{C}_{t+1}=\varsigma+\chi\Delta\log\mathbf{C}_t+\eta\Ex_t[\Delta\log\mathbf{Y}_{t+1}]+\alpha A_t+\epsilon_{t+1}$\\
\begin{tabular}{d{4}d{4}d{5}cd{4}d{5}}
\toprule
\multicolumn{3}{c}{Measure of Consumption} & OLS &  \multicolumn{1}{c}{2${}^\text{nd}$ Stage}  &  \multicolumn{1}{c}{KP $p$-val}
\\ \multicolumn{3}{c}{Independent Variables} & or IV & \multicolumn{1}{c}{$ \bar{R}^{2} $} & \multicolumn{1}{c}{Hansen J $p$ val}
\\ \midrule
\multicolumn{6}{l}{Nondurables and Services }
\\ \multicolumn{1}{c}{$\Delta \log \mathbf{C}_{t} $} & \multicolumn{1}{c}{$\Delta \log \mathbf{Y}_{t+1}$}& \multicolumn{1}{c}{$ A_{t}  $} & & & \\
\input ./tabCons.tex
 \multicolumn{6}{p{0.8\textwidth}}{\footnotesize
   \textbf{Notes:} \textbf{Notes:}  Data source is NIPA, 1960Q1--2016Q.  Robust standard errors are in parentheses.  Instruments $\textbf{Z}_t = \{\Delta \log \mathbf{C}_{t-2}, \Delta \log \mathbf{C}_{t-3}, \Delta \log \mathbf{Y}_{t-2}, \Delta \log \mathbf{Y}_{t-3}, A_{t-2}, A_{t-3}, \Delta_8 \log \mathbf{C}_{t-2}$, $\Delta_8 \log \mathbf{Y}_{t-2}$, lags 2 and 3 of differenced Fed funds rate, lags 2 and 3 of the Michigan Index of Consumer Sentiment Expectations$\}$.  The penultimate column reports the $\bar{R}^2$ from a regression of the dependent variable on the RHS variables (instrumented, when indicated); the final column reports two tests of instrument validity: The $p$-value from the Kleibergen--Paap Wald $rk$ F statistic of first-stage instrument validity (top), and the $p$-value from the Hansen--Sargan overidentification test (bottom). $\{{}^*,{}^{**},{}^{***}\}={}$Statistical significance at $\{10,5,1\}$ percent.
      }
\end{tabular}
\end{table}


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