The present paper tests for the existence of multicointegration between real per capita private consumption expenditure … income and consumption expenditure on the one hand, and the stock of consumers' wealth, which can be considered as cumulative … multicointegrating relations and find supporting evidence for the existence of multicointegration in US consumption data. …

The present paper tests for the existence of multicointegration between real per capita private consumption expenditure … income and consumption expenditure on the one hand, and the stock of consumers' wealth, which can be considered as cumulative …

a process whereby households alter consumption growth in order to close the gap between actual and target spending …

income shocks to consumption. Log-earnings are the sum of a general Markovian persistent component and a transitory …. Consumption is modeled as an age-dependent nonlinear function of assets and the two earnings components. We establish the … nonparametric identification of the nonlinear earnings process and the consumption policy rule. Exploiting the enhanced consumption …

income shocks to consumption. Log-earnings are the sum of a general Markovian persistent component and a transitory …. Consumption is modeled as an age-dependent nonlinear function of assets and the two earnings components. We establish the … nonparametric identification of the nonlinear earnings process and the consumption policy rule. Exploiting the enhanced consumption …

income shocks to consumption. Log-earnings are the sum of a general Markovian persistent component and a transitory …. Consumption is modeled as an age-dependent nonlinear function of assets and the two earnings components. We establish the … nonparametric identification of the nonlinear earnings process and the consumption policy rule. Exploiting the enhanced consumption …

This paper uses housing returns to estimate the elasticity of intertemporal substitution (EIS) in consumption for ….e., equity and bill returns. An estimable regression equation for aggregate consumption growth and returns is obtained from the … aggregation of the consumption Euler equations of heterogeneous agents. As the regression equation includes unobserved omitted …

We empirically assess whether a usually expected negative response of private consumption and private investment to a … HP-based; and iii) the Hamilton (2018)-based. We find that: i) increases in government consumption have a Keynesian … effect on real per capita private consumption; ii) there is a positive effect of tax increases on private consumption when …