Nonparametric demand analysis of U.K. personal sector decisions on consumption, leisure, and monetary assets: a reapraisal

Article Abstract:

A study aimed at testing for utility maximizing behavior and weakly separable subutility functions utilized a new data. The specified utility function consists of nondurable goods, services, durable goods, leisure, and monetary assets. All the data sets examined indicated consistency with respect to utility maximizing behavior. Results were consistent to whether the durable and nondurable goods were combined or not. Results of the monetary aggregation were highly influence by the representative consumer scaling.

United Kingdom, Analysis, Economic aspects, Economic research, Consumer preferences, Nonparametric statistics

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The dynamic effects of money: combining short-run and long-run identifying restrictions using Bayesian techniques

Article Abstract:

The dynamic effects of money supply shocks on the macroeconomy were investigated using a Bayesian approach. The Bayesian method incorporates specification and identification uncertainty into a vector autoregression analysis of the dynamic effects of money. Empirical results showed that money exerts real dynamic effects on the macroeconomy in the short run, including significant liquidity effects for both short-term and long-term yields of bonds.

Money, Money supply, Macroeconomics

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