King, Plosser, Stock, and Watson (1991) depends mainly on the time-series behavior of the reduced form consumption residual …. A permanent income hypothesis interpretation of this finding is that consumption fully reflects the implications of long …-lived shocks for the common stochastic trend in consumption, investment, and output. Further, for the three variable model, shocks …

, bank lending activities and to a certain extent, consumption. The impact of shocks on investment is harder to decipher … system is perturbed. In the long run, there is no evidence of positive wealth effects on consumption while sustained …

, and evaluated the IMF-supported programs. The paper finds: (i) the ratios of ewhole costf to the consumption level of the …

recent period. The indicators to be tested are CNBC-e Consumption Index and Manufacturing Industry Output Index. CNBC …-e Consumption Index can be expected to be the early indicator of consumption expenditures in Turkey which is composing more than 70 …

Standard macroeconomic models suggest that the ‘great ratios’ of consumption to output and investment to output should … be stationary. The joint behaviour of consumption, investment and output can then be used to measure trend output. We … adopt this approach for the USA and UK, and find support for stationarity of the great ratios when structural breaks are …