seems to have become highly sensitive to growth in personal consumption expenditure. After 1991, a one percentage point … increase in personal consumption expenditure seems to change manufacturing growth by nearly 2 percentage points! Liberalisation …

. Then we study the impact of changes in exogenous variables on consumption, growth, and welfare. Next, we show that … consumption-wealth ratio and welfare should be higher in an open economy than in a closed economy. We discuss whether open …

analytical solution to the model, we solve it numerically. We find that nondurable consumption becomes more volatile as down … adjustment of consumption to permanent income shocks in an attempt by agents to spread out the burden of down payments over time. …

that in a habit formation model, the sensitivity of consumption to predicted income can be largely reinterpreted as a … sluggish response to news. Moreover, the sensitivity of consumption to sentiment reflects the serial correlation in consumption …

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. …