commodity groups. Consumption is a distributed lag function of expenditures, and the utility function is additively separable in … each commodity group, expected change in expenditures is correlated neither with past expenditure changes on other …

measure the effect of changes in the housing share of net worth on total household expenditures during the Great Recession …-accessible proxy for expenditures in non-durable goods. We re-affirm their findings in our data, and refine their analysis in several … consumption versus nominal expenditures; and (iii) we infer the implied elasticity of total non-durable expenditures in goods and …