Instrumental variables (IV) estimation of a demand equation using time series data is shown to produce a weighted … average derivative of heterogeneous potential demand functions. This result adapts recent work on the causal interpretation of … market in New York City to estimate an average elasticity of wholesale demand for fresh fish. The weighting function …

Standard consumption models assume a notional consumption flow that does not distinguish between nondurable and durable … consumption. Such notional-consumption models generate notional marginal propensities to consume (MPC). By contrast, empirical … durable stock. We compare the notional-consumption model to an isomorphic model with a durable stock, and map notional MPCs …

private-sector consumption in the high-budget-deficit economy of Israel during the first half of the 1980s. The paper develops … and estimates an intertemporal optimizing model of consumption choice by finite-lived individuals. The evidence supports …

people's lifetime demand for leisure. The implied small increase in lifetime income and the slight reduction in consumption …The effects on consumption and retirement of characteristics of the life cycle, especially the length of the horizon …-cycle effects on consumption and retirement are estimated jointly for 1973 and 1975. There is a weak small effect of a more distant …

The consumption beta theorem of Breeden makes the expected return on any asset a function only of its covariance with … changes in aggregate consumption. It is shown that the theorem is more robust than was indicated by Breeden. The theorem …

It can be claimed that education is simply a normal consumption good and that like all other normal goods, an increase … the consumption value of the good, since it is a non-saleable asset. This paper will attempt to determine empirically the … amount by which an increase in wealth is caused by schooling as distinguished from the amount by which the demand for …

heterogeneous household demand and use it to conclude that increasing product variety drives these divergent trends. When more …

of consumption insurance against shocks to male and female wages, as estimated empirically by Blundell, Pistaferri and … consumption, compared to the empirical estimates of 32% and 19%. Most of the consumption insurance against permanent male wage …

This paper examines inequality in both leisure and consumption over the past four decades using time use surveys … Consumer Expenditure Survey, a survey that also provides detailed information on consumption. The advantage of this approach is … that it gives us measures of consumption and leisure at the family level within a single data source. We find that leisure …