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One important channel through which real interest rates affect aggregate demand is consumer expenditure on durable goods. This paper examines empirically the link between interest rates and consumer durables. Solving for the decision rule relating income and interest rates to consumer demand is an intractable task. This paper avoids this problem by examining the first-order conditions necessary for maximization by the representative consumer. Structural parameters of there presentative utility function are thus recovered. The estimated model suggests that expenditure on consumer durables is far more sensitive to changes in the interest rate than is expenditure on nondurables and services.

Interest rates --- Consumption (Economics) --- Mathematical models.

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Consumption (Economics) --- Quality of Life --- Technology and civilization --- Consumption (Economics). --- Quality of life. --- Technology and civilization. --- Modernité --- Consumerisme --- Culture de masse

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Agricultural laborers --- Agricultural wages --- Consumption (Economics) --- Demographic surveys --- Rural families --- Philippines --- Population --- Mathematical models.

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Collective behavior --- Consumption (Economics) --- Political participation --- Self-interest --- Comportement collectif --- Consommation (Economie politique) --- Participation politique --- Intérêt personnel --- 304 --- sociologie --- Intérêt personnel --- CDL --- 316 --- Comportements politiques --- Systemes de valeurs

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Sociology of environment --- Economic sociology --- Burkina Faso --- Consumption (Economics) --- Mossi (African people) --- -Cost and standard of living --- -Economic conditions --- -Mossi (African people) --- -Moaaga (African people) --- Mole (African people) --- Mooré (African people) --- Moose (African people) --- Moré (African people) --- Moshi (African people) --- Mosi (African people) --- Mossé (African people) --- Ethnology --- Comfort, Standard of --- Cost of living --- Food, Cost of --- Household expenses --- Living, Cost of --- Living, Standard of --- Standard of living --- Home economics --- Households --- Quality of life --- Wealth --- Luxury --- Prices --- Purchasing power --- Wages --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Demand (Economic theory) --- Economic conditions --- Surveys --- Cost and standard of living --- Moaaga (African people) --- Sociologie van het leefmilieu --- Sociologie van de economie --- Consumption (Economics) - Burkina Faso --- Mossi (African people) - - Economic conditions --- Cost and standard of living - - Burkina Faso --- Moaga (African people) --- -Sociology of environment --- -Consumption (Economics) --- -Cost and standard of living -