WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics

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52 TEQUITQ = total outstanding stock of equity. D162906, D151988 YCR = retained earnings. D20068 HDEBT = book value of government debt held by persons and unincorporated businesses = HTBQ+HGBQ+HPBQ+HMBQ HDEBTQ = market value of government debt held by persons and unincorporated businesses = HTBQ+PBQ*(HDEBT–HTBQ) H_BQ = holdings of treasury bills (T), Government of Canada bonds (G), provincial bonds (P) and municipal bonds (M) by persons and unincorporated businesses. D160015, D150035; D160019, D150062; D160020, D150063; D160021, D150064 HLIABQ = total liabilities of persons and unincorporated businesses. Includes consumer credit, trade payables, bank loans, other loans, finance and other short-term paper, other Canadian bonds, and mortgages. D160031, D150050 NNWPFIQ = net worth of public financial institutions less their holdings of government debt = NWPFIQ–PFIGBQ–PFIPBQ–PFIMBQ – PFITBQ PFI_BQ = holdings of treasury bills (T), government of Canada bonds (G), provincial bonds (P) and municipal bonds (M) by public financial institutions. D161975, D151326; D161979, D151330; D161980, D151331; D161981, D151332
CPPQ = Canada Pension Plan. D162590, D151760 QPPQ = Quebec Pension Plan. D162660, D151784 CQPPQ = aggregated Canada and Quebec pension plans = (CPPQ+QPPQ) DDEBTQ = domestically held government debt at market value = TBILL–FORTBQ+PBG*(OTHDEBT –FORGBQ–FORPBQ–FORMBQ) TBILL = net teasury bills outstanding at book value = TTBQ–GTBQ–PGTBQ–PFITBQ–GETBQ –BCTBQ TTBQ = total outstanding stock of treasury bills. D162894, D151976 _TBQ = holdings of treasury bills by the federal government (G), provincial governments (PG), public financial institutions (PFI), government enterprises (GE) and the Bank of Canada (BC). D162185, D151482; D162255, D151544; D161975, D151326; D160155, D150147; D160435, D150350 OTHDEBT = net other debt outstanding at book value = TGBQ+TPBQ+TMBQ–GGBQ–GPBQ–GMBQ –PGBQ–PPBQ–PMBQ–PFIGBQ–PFIPBQ –PFIMBQ–GEGBQ–GEPBQ–BCGBQ T_BQ = total outstanding stock of federal government bonds (G), provincial government bonds (P) and municipal government bonds (M). D162898, D151980; D162899, D151981; D162900, D151982 53
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November 1994 WEALTH, DISPOSABLE IN
Page 3:
CONTENTS ACKNOWLEDGMENTS ..........
Page 7 and 8:
ABSTRACT The author develops a meas
Page 9 and 10:
1 INTRODUCTION Empirical research o
Page 11 and 12: impact of fluctuations in the price
Page 13 and 14: 2 MEASURING WEALTH In a competitive
Page 15 and 16: ∞ 1 + xt + j Ht = Xt 1 + E ⎛ t
Page 17 and 18: 2.3 percentage points) between the
Page 19 and 20: The time-series properties of net i
Page 21 and 22: expectation operator. Instead, the
Page 23 and 24: Table 3 Cumulative growth factors u
Page 25 and 26: 180 000 160 000 140 000 120 000 100
Page 27 and 28: non-residential structures, machine
Page 29 and 30: 80 000 70 000 60 000 50 000 40 000
Page 31 and 32: 3 IS WEALTH USEFUL IN EXPLAINING CO
Page 33 and 34: contrast, appears to be trend-stati
Page 35 and 36: First, there is little evidence tha
Page 37 and 38: Both estimators correct for the end
Page 39 and 40: cointegrating parameters reported i
Page 41 and 42: consumption, disposable income and
Page 43 and 44: Table 8 Error-correction models for
Page 46 and 47: 38 0.5 0.0 -0.5 -1.0 0.8 0.6 0.4 0.
Page 48 and 49: 40 conventional levels. Presumably
Page 50 and 51: 42 0.5 0.0 -0.5 -1.0 0.6 0.4 0.2 0.
Page 53 and 54: 15 000 14 000 13 000 12 000 11 000
Page 55 and 56: 4 CONCLUSION The wealth measure dev
Page 57 and 58: APPENDIX 1: The data This appendix
Page 59 and 60: TAX = taxes net of transfers = (NET
Page 61: = FINAQ_CD+FINAQ_CC+FINAQ_OBDS + FI
Page 65 and 66: RAC = average coupon rate = RAC(t-1
Page 67 and 68: APPENDIX 2: Closed-form solution fo
Page 69 and 70: APPENDIX 3: Wealth and its componen
Page 71: 87:2 356297.31 295864.21 60433.10 3
Page 74 and 75: 64 Flavin, M. A. 1981. “The Adjus
Page 76 and 77: 66 Perron, P. 1991. “Test Consist
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WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics

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