Liquidity and Inflation Effects on Consumers' Expenditure

David F. Hendry and Thomas von Ungern‐Sternberg

in Econometrics: Alchemy or Science?

Published in print October 2000 | ISBN: 9780198293545
Published online November 2003 | e-ISBN: 9780191596391 | DOI:
 Liquidity and Inflation Effects on Consumers' Expenditure

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An integral correction mechanism (based on liquid assets) related to servomechanistic control theory improved the DHSY specification and explained the role of inflation as measuring the erosion of the real value of nominal assets, leading to the HUS model. Seasonal indicators were re‐introduced. An explicit progressive research strategy for empirical modelling was proposed, sustained by encompassing.

Keywords: consumer expenditure; DHSY; empirical modelling; encompassing; inflation; integral correction mechanism; progressive research strategy; seasonality

Chapter.  10922 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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