This paper provides an explanation why garbage as a measure of consumption implies a several times lower coefficient of … Product Accounts (NIPA): Unlike garbage, NIPA consumption is filtered to mitigate measurement error. I apply a structural … model of the filtering process, which allows to revoke the filter inherent in NIPA consumption. "Unfiltered NIPA consumption …

This paper provides an explanation why garbage as a measure of consumption implies a several times lower coefficient of … Product Accounts (NIPA): Unlike garbage, NIPA consumption is filtered to mitigate measurement error. I apply a structural … model of the filtering process, which allows to revoke the filter inherent in NIPA consumption. Unfiltered NIPA consumption …

This paper provides an explanation for why garbage implies a much lower relative risk aversion in the consumption …-based asset pricing model than National Income and Product Accounts (NIPA) consumption expenditure: unlike garbage, NIPA … consumption is filtered to mitigate measurement error. I apply a simple model of the filtering process that allows one to undo the …

Arbeit wird anhand eines einheitlichen Datensatzes für die USA zu privaten Konsumausgaben, Einkommen und Vermögen für den … USA bis zum Ausbruch der Finanzkrise im Jahr 2007 interpretiert werden. …