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 …

Previous tests of the permanent income hypothesis (PIH) have focused on either nondurables or durables expenditures in …

calendar quarters and consists of retrospectively collected information about monthly expenditures on durable and non …

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 …

By putting together a relatively large data set on bilateral remittances of emigrants, this paper is able to shed light … on the important hypothesis of smoothing. The smoothing hypothesis is that remittances are countercyclical with respect … affirmation of smoothing is important for two reasons. First, it suggests that remittances should be placed on the list of …