consumption and investment expenditures, as well as their broadly defined components, are examined. We also test for effects of … money on long run reallocations of consumption expenditures among durables, nondurables, and services. The time series …This paper tests for long run effects of money on real expenditures in the U.S. over the 1959-2002 period. Real …

are found not to equal zero and this in turns affects all estimates of consumption, labor supply and saving elasticities. … profit function rationalizing consumption, labor supply and savings is specified, estimated and used to test commonly … maintained separability hypotheses. Both consumption- labor and time separability are rejected. Cross-price Frisch elasticities …

are found not to equal zero and this in turns affects all estimates of consumption, labor supply and saving elasticities … profit function rationalizing consumption, labor supply and savings is specified, estimated and used to test commonly … maintained separability hypotheses. Both consumption- labor and time separability are rejected. Cross-price Frisch elasticities …

responds positively to surprises in labor productivity growth. However, we do not reject the hypothesis that the real long …

We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility … and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for … holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for …

Two remarkable features of the Australian economy over recent years have been strong growth in private consumption … expenditure and household wealth. This paper examines the relationship between consumption and wealth in an effort to better … understand aggregate consumption behaviour. We find a reasonably robust steady-state relationship between non …

This paper addresses the question of how changes in stock market wealth and housing wealth affect consumption … stock market wealth. We estimate the link between consumption and the components of wealth using panel-data estimation … housing wealth and stock market wealth have a significant effect on Australian consumption. We estimate that a permanent …