Title of article :
How sensitiveareconsumerexpenditurestoretailenergyprices
Author/Authors :
Paul Edelstein، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
There isgrowingevidencethattheprimaryeffectofenergypriceshocksontheU.S.
economyinvolvesareductioninconsumerspending.Wequantifythedirecteffecton
real consumptionofunanticipatedchangesindiscretionaryincome,shiftsinprecau-
tionarysavings,andchangesintheoperatingcostofenergy-usingdurables.The
possibilityofasymmetriesintheresponseofrealconsumptiontoenergypriceshocksis
also considered.Wedemonstratethatlinearmodelsareconsistentwiththesymmetric
behaviorofrealconsumptionin1979(whenenergypricesincreasedsharply)andin
1986(whentheyfellsharply).Itisshownthathistoricallyenergypriceshockshave
beenanimportantfactorinexplainingU.S.realconsumptiongrowth,butbynomeans
thedominantfactor
Keywords :
Energy pricesConsumptionConsumer sentimentPurchasing powerAsymmetry
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
