A comment on durable goods consumption

Article Abstract:

The relationship between durables/nondurables consumption and the services consumption expenditures of six OECD countries was examined in a model incorporating data from 1950 to 1990. According to the permanent income hypothesis (PIH), the growth rate of consumption expenditure on durable goods would be equivalent to a first-order moving average (MA) with the MA equal to the negative of one minus the depreciation rate of durable goods stock. While the model's results do not support the frictionless PIH model, they coincide with Mankiw's hypothesis on durable goods.

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An aggregate model of firm specific capital with and without commitment

Article Abstract:

An investigation is conducted into a setting in which business entrepreneurs are unable to commit their human capital to investment projects and for which they have restricted external funds. To overcome the funding issue, the entrepreneurs could use stocks of capital which are less project specific.

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Government production of investment goods and aggregate labor productivity

Article Abstract:

Research investigating the government-lead, as opposed to private industry-lead, production of goods for investment in India, Turkey and Egypt is presented. Particular attention is given to th epolicy's impact on reducing Egypt's productivity of aggregates.

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