Oxford Review of Economic Policy articles from June 1994

Oxford Review of Economic Policy archives from June 1994

The assessment: consumer expenditure. (assessing models of consumer expenditure)
June 1, 1994... I. INTRODUCTION Consumer spending accounts typically for between half and two-thirds of total spending in the economy. The 1980s in the UK saw an almost continuous rise in the consumption-to-income ratio, peaking in 1987--8 at the...

Household savings and debts: the experience of the Nordic countries. (savings and debts in 1980s and 1990s)
June 1, 1994... I. INTRODUCTION The last part of 1980s and the first years of the 1990s have witnessed a huge increase in household savings in Denmark, Finland, Norway, and Sweden. This boost in savings started from a very low level and the savings...

Australian consumption and saving. (impact of inflation on Australian savings ratios)
June 1, 1994... I. INTRODUCTION There have been persistent if contradictory misgivings about the household saving ratio in Australia. In the 1970s, when net household savings ratios were around 10 per cent, the dominant perception was of excess thrift,...

Econometric evaluation of consumers' expenditure equations. (forecasting consumption in the UK)
June 1, 1994... I. INTRODUCTION Large errors in forecasting consumption in the late 1980s and early 1990s were a major contribution to the poor performance in forecasting overall economic developments. These errors have been attributed to the failure...

HUS revisited. (failures of consumption forecasts in the UK)
June 1, 1994... I. INTRODUCTION Econometric models of consumers' expenditure in the UK have suffered predictive failure over the last decade, and a wide variety of hypotheses has been advanced to account for the apparent structural change (see, inter...

Notes on the theory and evidence on aggregate purchases of durable goods. (growth in consumption of durable goods)
June 1, 1994... I. INTRODUCTION More than 15 years ago Robert Hall (1978) demonstrated that under the basic permanent income hypothesis model (PIH), non-durable consumption growth should be unpredictable.(2) Researchers now seem to agree that this...