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Are there asymmetries in UK consumption? A closer look

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  • Alan Speight
  • David McMillan

Abstract

This letter reappraises some recently reported tests for asymmetries in UK consumers' expenditure relative to trend. In particular, we consider the disaggregation of consumers' expenditure into broad categories of durable and non-durable goods and services, and according to 13 specific consumption categories. We also consider the sensitivity of test results to alternative detrending methods; namely Hodrick-Prescott filtering and structural time series modelling. We find that previous consideration of total consumers expenditure alone masks an important difference in the properties of expenditure across the durable/non-durable distinction, durables exhibiting significant asymmetric 'steepness' which is robust to the method of detrending, while non-durables exhibit significant 'deepness' under Hodrick-Prescott detrending but not structural time series trend modelling.

Suggested Citation

  • Alan Speight & David McMillan, 1997. "Are there asymmetries in UK consumption? A closer look," Applied Economics Letters, Taylor & Francis Journals, vol. 4(4), pages 241-245.
    • Handle: RePEc:taf:apeclt:v:4:y:1997:i:4:p:241-245
    DOI: 10.1080/758518503
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    Cited by:

    1. Nilss Olekalns, 2001. "Cyclical asymmetries in Australian macroeconomic data," Applied Economics Letters, Taylor & Francis Journals, vol. 8(3), pages 145-148.
    2. Steven Cook & Alan Speight, 2006. "Time deformation in UK consumers' expenditure: an empirical analysis of highly disaggregated data," Applied Economics Letters, Taylor & Francis Journals, vol. 13(8), pages 471-478.
    3. Steven Cook & Alan Speight, 2007. "Time Irreversibility in Consumers' Expenditure: An Analysis of Disaggregated Data," International Review of Applied Economics, Taylor & Francis Journals, vol. 21(4), pages 561-575.
    4. Petar Sorić, 2022. "Ability to consume versus willingness to consume: the role of nonlinearities," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(3), pages 663-689, August.
    5. Steven Cook, 2000. "Seasonal adjustment and the univariate testing of asymmetry," Applied Economics Letters, Taylor & Francis Journals, vol. 7(10), pages 649-652.

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