WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics

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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
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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 and 62: = FINAQ_CD+FINAQ_CC+FINAQ_OBDS + FI
Page 63 and 64: CPPQ = Canada Pension Plan. D162590
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 76 and 77: 66 Perron, P. 1991. “Test Consist
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