Abstract

SILVA CRUZ, Enrique A.. Consumption in the US Financialized Economy, 1970-2013. Anál. econ. [online]. 2019, vol.34, n.87, pp.71-100.  Epub Nov 13, 2020. ISSN 2448-6655.

The effect of the changed method of financing households’ consumption in the United States during the period 1970-2013 is dealt with. A cointegrated VAR and rolling window methodologies are used to both gauge such effect and determine the dynamic evolution of the said relationship. The results highlight the importance of wages at financing consumption as well as the existence of shocks upon the relationship, especially during the 2001 and 2008 recession periods. Hence the policy recommendation derived from the analysis that a sustainable capital accumulation requires increasing wage rates. The main contribution of the present paper is the application of the rolling window technique as a useful complement for a dynamic analytical contrast.

Keywords : Consumption; Financialization; Rolling Window; Recursive regression.

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