Expanded Consumption Function Data


List of variables:

Year = calendar year
Yd = real disposable personal income (in billions of chained 1996 dollars)
C = real consumption expenditures (in billions of chained 1996 dollars)
wealth = real wealth in billions of chained 1996 dollars
interest = real interest rate = nominal annual yield on 3-month Treasury securities - inflation rate (measured by the annual % change in annual chained price index)

Notes:

The nominal real wealth variable was created using data from the Federal Reserve Board's measure of end-of-year net worth for households and nonprofits in the flow of funds accounts. The price index used to convert this nominal wealth variable to a real wealth variable was the average of the chained price index from the 4th quarter of the current year and the 1st quarter of the subsequent year.

Sources:

C, Yd, and quarterly and annual chain-type price indexes (1996=100) - Bureau of Economic Analysis, U.S. Department of Commerce (http://www.bea.doc.gov/bea/dn1.htm)

Nominal annual yield on 3-month Treasury securities - Economic Report of the President, 2002

Nominal wealth = end of year nominal net worth of households and non-profits (from Federal Reserve flow of funds data - http://www.federalreserve.gov)

John Kane - kane@oswego.edu
Department of Economics, SUNY-Oswego, Oswego, NY 13126