WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics

More documents

Recommendations

Info

66 Perron, P. 1991. “Test Consistency with Varying Sampling Frequency.” Econometric Theory 7:341–68. Phillips, P. C. B. and B. E. Hansen. 1990. “Statistical Inference in Instrumental Variables Regression with I(1) Processes.” Review of Economic Studies 57:99-125. Phillips, P. C. B. and S. Ouliaris. 1990. “Asymptotic Properties of Residual Based Tests for Cointegration.” Econometrica 58:165–93. Phillips, P. C. B. and P. Perron. 1988. “Testing for a Unit Root in Time Series Regression.” Biometrika 75:335–46. Poloz, S. S. 1986. An Integrated Model of the Portfolio Behaviour of the Canadian Household Sector: 1968–1983. Technical Report No. 41. Ottawa: Bank of Canada. Rose, D. E. and J. G. Selody. 1985. The Structure of the Small Annual Model. Technical Report No. 40. Ottawa: Bank of Canada. Rossi, N. and F. Schiantarelli. 1982. “Modelling Consumers’ Expenditure: Italy, 1965–1977.” European Economic Review 17:371–91. Said, S. E. and D. A. Dickey. 1984. “Testing for Unit Roots in Autoregressive-Moving Average Models of Unknown Order.” Biometrika 71:599–608. Sawyer, J. A. 1991. “Trends, Unit Roots, Cointegration, and Error Correction Mechanisms: A Literature Summary and an ECM Consumption Function.” Technical Study 91–1. Institute for Policy Analysis, University of Toronto. Schwert, G. W. 1987. “Effects of Model Specification on Tests for Unit Roots in Macroeconomic Data.” Journal of Monetary Economics 20:73–103. Steel, M. F. J. 1987. “Testing for Exogeneity: An Application to Consumer Behaviour.” European Economic Review 31:1443–63.
Stock, J. H. and M. W. Watson. 1993. “A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems.” Econometrica 61: 783–820. Tauchen, G. 1986. “Finite State Markov-Chain Approximations to Univariate and Vector Autoregressions.” Economics Letters 20:177–81. Thury, G. 1989. “Dynamic Specification of Consumer Expenditure on Non- Durables and Services in Austria.” Empirica 16:67–83. Wirjanto, T. S. 1991. “Testing the Permanent Income Hypothesis: The Evidence from Canadian Data. Canadian Journal of Economics 24: 563–77. Zeldes, S. P. 1989. “Consumption and Liquidity Constraints: An Empirical Investigation.” Journal of Political Economy 97:305–46. 67
Page 1 and 2:
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 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 74 and 75: 64 Flavin, M. A. 1981. “The Adjus
show all

WEALTH, DISPOSABLE INCOME AND CONSUMPTION - Economics

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?