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Illiquidity of the Consumer Durable Asset
Time Series Tests of the Liquidity Hypothesis
Appendix Al to Chapter Three
3 other sections not shown
actual stock aggregate demand asymptotic t-statistic autos billion channels of monetary chapter CN CN CN rH consumer durable asset consumer durable demand consumer durable expenditure consumer durable purchases consumer durables stock consumer's consumption corporate bond debt and financial debt holdings desired stock distress sale distributed lag effects on consumer excluded exogenous F-test financial asset holdings gross financial assets household liabilities illiquidity impact increased interest rate liquidity effects liquidity hypothesis liquidity model market effects market financial assets Modigliani 1971 monetary policy effects money stock MPS model nonauto consumer durables nonstock market opportunity cost ordinary least squares perceived income variance percent level permanent income real assets real GNP real per capita rH rH ro ro sectors serial correlation Standard Error stock market assets stock market financial stock of durables transitory income TT'T unemployment user rental cost valuation value of stock