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Consumers' Expenditure on Non-durables and Services and Housing Equity Withdrawal in the United Kingdom

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  • Patterson, Kerry D

Abstract

The author emphasizes here a number of factors that have not previously been highlighted in an explanation of consumers' expenditure on nondurables and services. The author shows that the liberalization of financial and housing markets in the United Kingdom in the 1980s involved an increase in the withdrawal of housing equity with consequential effects for consumers' expenditure. The author also suggests that the role of the stock of consumers' durables has been neglected in explaining consumers' expenditure on nondurables and services. An analysis using S. Johansen's maximum likelihood method of estimating cointegrating vectors is compared with the Engle-Granger two-step approach and with a reparameterized error-correction model. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Patterson, Kerry D, 1994. "Consumers' Expenditure on Non-durables and Services and Housing Equity Withdrawal in the United Kingdom," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(3), pages 251-274, September.
  • Handle: RePEc:bla:manch2:v:62:y:1994:i:3:p:251-74
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    Cited by:

    1. Takala, Kari, 1995. "The consumption function revisited : an error-correction model for Finnish consumption," Research Discussion Papers 20/1995, Bank of Finland.
    2. Patterson, K. D., 1995. "Forecasting the final vintage of real personal disposable income: A state space approach," International Journal of Forecasting, Elsevier, vol. 11(3), pages 395-405, September.

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