It details a hypothesis about the societal effect of the Internet, and how this will affect production and consumption of popular culture.

Neither will affect consumption this summer.

For example, it may be that there is no theoretical reason whatsoever why the variables and should affect consumption except through their influence on Y t.

Also, any other factors that affect consumption will affect L 1.

If the shock affects current consumption, predeterminedness (defined now as lags only) provides potential instruments--lagged values of the variable.

An Energy Department study of Government subsidies to the energy industry has concluded that the amounts involved are small and do not affect consumption much.

But a 500% percent increase (typical European government tax on petroleum) does affect consumption.

A responsible article would have included an examination of the various cross-currents affecting cultural consumption.

A Federal study of energy industry subsidies concluded that the amounts involved were small and didn't affect consumption much.

Macroeconomic questions include whether the issuance of government bonds affects investment and consumption through the wealth effect.