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

Kerry D Patterson

The Manchester School of Economic & Social Studies, 1994, vol. 62, issue 3, 251-74

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

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:bla:manch2:v:62:y:1994:i:3:p:251-74

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