Time Deformation in UK Consumers' Expenditure

Steven Cook

Bulletin of Economic Research, 1999, vol. 51, issue 3, 253-58

Abstract: Cook, Holly, and Turner recently developed a hypothesis of a positive relationship between the durability of consumers' expenditure and the asymmetric behaviour it exhibits. Supportive evidence was found by applying Sichel's tests of business cycle asymmetry to the component series of UK consumers' expenditure, which represents goods of differing durability. In this paper the relationship is re-examined using the original data, by implementing Stock's diagnostic tests of time deformation. The results provide further support for the durability-asymmetry hypothesis. Copyright 1999 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1999
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