both files look ok;
i installed the same code into my local test blog; and it seems to work.
(i get the excerpt on the front page and a slightly shorter excerpt on the archive pages)
error correction:
There is only a small error in the function ( $post_excerpt
mis-spelled – correction below) that would have prevented the handwritten excerpt from being shown (shortend).
global $post;
$text = $post->post_excerpt;
that is pretty much all i can contribute.
there is the possibility that someone else might find something more, particular if they would have a chance to get a link to your live site.
—
have you tried to de-activate all plugins, to see if that resolves the issue?
and if it does, then re-activated one plugin after the other to find out which one might have caused the issue?