Bank of England Working Paper

RESEARCH - Financial liberalisation and consumers' expenditure: 'FLIB' re-examined by Emilio Fernandez-Corugedo and Simon Price.

Working Paper

The methodology used in papers by Darby and Ireland and Caporale and Williams is examined, to see whether it continues to explain UK consumption behaviour. First, Muellbauer and Murphy's proxy for financial liberalisation (FLIB) is updated. Then a forward-looking consumption model is re-estimated, using FLIB as a variable affecting the proportion of

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