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Time deformation in UK consumers' expenditure: an empirical analysis of highly disaggregated data

  • Steven Cook
  • Alan Speight
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    The literature on testing for the presence of cyclical asymmetry in consumers' expenditure is extended via the application of tests for time deformation to UK data subject to a high degree of disaggregation. The initial empirical findings provide evidence of significant time deformation in total, durables and semi-durables expenditures. Closer examination of highly disaggregated expenditure further reveals that time deformation is an intrinsic property of a particular set of expenditure categories including household fittings and furnishings, communication and information technology, vehicles and utilities. These results suggest that such consumers' expenditures 'speed up' during expansions, most likely being driven by the relaxation of credit rationing constraints due to transient income windfalls or the easing of credit conditions, and possibly associated with housing market conditions subsequent to financial market liberalization.

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

    Volume (Year): 13 (2006)
    Issue (Month): 8 ()
    Pages: 471-478

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    Handle: RePEc:taf:apeclt:v:13:y:2006:i:8:p:471-478
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    1. Alan Speight & David McMillan, 1997. "Are there asymmetries in UK consumption? A closer look," Applied Economics Letters, Taylor & Francis Journals, vol. 4(4), pages 241-245.
    2. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-08, May.
    3. Martin Sola & Zacharias Psaradakis, 2002. "On Detrending and Cyclical Asymmetry," Department of Economics Working Papers 020, Universidad Torcuato Di Tella.
    4. Messinis, George & Henry, Olan & Olekalns, Nilss, 2002. "Rational habit modification in consumption," Economic Modelling, Elsevier, vol. 19(4), pages 665-678, August.
    5. Sarantis, Nicholas & Stewart, Chris, 2003. "Liquidity constraints, precautionary saving and aggregate consumption: an international comparison," Economic Modelling, Elsevier, vol. 20(6), pages 1151-1173, December.
    6. Steven Cook, 2000. "The alternative asymmetric behaviour of Australian consumers' expenditure," Applied Economics Letters, Taylor & Francis Journals, vol. 7(6), pages 349-352.
    7. Neftci, Salih N, 1984. "Are Economic Time Series Asymmetric over the Business Cycle?," Journal of Political Economy, University of Chicago Press, vol. 92(2), pages 307-28, April.
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