Favorable figures on trade or the purchase of consumer durables will drive up the stock market, or rather (to be precise) the stock indexes.
Lagged durables and possibly lagged nondurables are significant, with coefficients consistent with habit persistence.
Yet, purchases of durables are an important aspect of variations in the intermediation process and the model should be expanded to include this feature.
Yet in the 1920s more and more of the common symbols of material progress were mechanical consumer durables.
Our results support the analysis of nondurables and services as a group without the inclusion of durables.
Instead, it was deemed normal that youngsters spend their money on clothes, entertainment or consumer durables, or that they should save for marriage.
Also, durables are never separable from nondurables and services, as some of the existing literature has assumed.
However, nondurables and services are separable from durables, although not vice versa.
