WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics
WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics
WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics
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48<br />
R90 = nominal interest rate on 90-day prime corporate<br />
paper. B14017<br />
EINF = expected inflation = log(PGDP(t)PGDP(t–2))/2<br />
G = real per capita government expenditures on goods and services to<br />
be paid for by households = (GOVS/(PGDP*NPOP*4))<br />
GOVS = (GOV(t)+GOV(t–1)+GOV(t–2)+GOV(t–3))/4<br />
GOV = government expenditures on goods and services<br />
less fraction not paid for by households<br />
historically<br />
= GOVEXP(1–Ω)<br />
Ω<br />
ω<br />
= rolling historical average of the proportion of<br />
government expenditures paid by corporations,<br />
non-residents and government interest income<br />
= ( ωt + ωt – 1 + … +ωt – 7)<br />
⁄ 8<br />
= ((CPTAX–CPSUB–CPTRAN)<br />
+(NRSTAX–NRSTR)+GOVIN)/GOVEXP<br />
CPTAX = direct taxes from corporations and government<br />
enterprises. D20156<br />
CPSUB = transfer payments to businesses (subsidies).<br />
D20164<br />
CPTRAN = transfer payments to businesses (capital<br />
assistance). D20165<br />
NRSTAX = direct taxes from non-residents. D20157<br />
NRSTR = transfer payments to non-residents. D20166<br />
GOVIN = government’s investment income. D20160<br />
NETAX = (INCTAX+SALTAX+OTHTAX–TRANF)
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