What About Spending on Consumer Goods?

Jonathan McCarthy

No 20180116, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In a recent Liberty Street Economics post, I showed that one major category of consumer spending?spending on discretionary services such as recreation, transportation, and household utilities?behaved very differently in the 2007-09 recession and subsequent recovery than in previous business cycles: specifically, it fell more steeply and has recovered much more slowly. This finding prompted one of the editors of this blog to inquire whether consumer goods spending has also departed markedly from its behavior in past cycles. To answer that question, I examined the decline of expenditures on consumer durable goods and nondurable goods across recessions as well as the pace of recovery during long expansions like the current one.

Keywords: expansion; Great recession; GDP growth; Consumption (search for similar items in EconPapers)
JEL-codes: E2 (search for similar items in EconPapers)
Date: 2018-01-16
New Economics Papers: this item is included in nep-mac
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