This paper applies a nonparametric approach to assess whether a data set comprising nineteen consumption goods, four liquid assets, and leisure is consistent with the utility maximization model; and whether there are any weakly separable groupings amongst these goods. The study also addresses...

As Robert E. Hall (1988) notes, the magnitude of the intertemporal elasticity of substitution in consumption is "one of the central questions of macroeconomics." Do higher expected real interest rates lead to deferred consumption? The authors extend Hall's methodology and model, and compare...

The constant price components of the expenditure estimate of GDP for the United Kingdom undergo an extensive process of revision as new information comes to light. This study is concerned with three central themes: the authors assess whether the preliminary vintages efficiently incorporate...