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A deeper look at asymmetries in UK consumers' expenditure: the nonparametric analysis of 100 disaggregates

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  • Steven Cook
  • Alan Speight
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    Abstract

    The literature on testing for the presence of cyclical asymmetry in UK consumers' expenditure is extended via the application of nonparametric tests to data subject to a higher degree of disaggregation than considered in previous studies. The results obtained at an intermediate level of disaggregation depict a positive relationship between the durability of goods and the degree of asymmetry they exhibit. At high levels of disaggregation to specific expenditure categories, it is found that the aggregate and intermediate evidence of deepness asymmetry is driven by a relatively small number of expenditures, with almost no evidence of deepness asymmetry in non-durable categories of expenditure. Prominent among the durable and semi-durable good expenditure categories exhibiting significant positive deepness asymmetry are expenditures relating to housing fittings and communication, consistent with a degree of 'lumpiness' in expenditure which may be associated with the impact of credit rationing or threshold effects.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 37 (2005)
    Issue (Month): 8 ()
    Pages: 893-900

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    Handle: RePEc:taf:applec:v:37:y:2005:i:8:p:893-900

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    1. Ricardo J. Caballero, 1991. "Durable Goods: An Explanation for Their Slow Adjustment," NBER Working Papers 3748, National Bureau of Economic Research, Inc.
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    5. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
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      • Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, 05.
    7. Cogley, Timothy & Nason, James M., 1995. "Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 253-278.
    8. Harvey, A C, 1985. "Trends and Cycles in Macroeconomic Time Series," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(3), pages 216-27, June.
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