Abstract
Aggregate consumption is the largest component of aggregate demand. It is therefore important for the implementation of Keynesian economic policy to be able to predict consumption reasonably well. So it is not surprising that aggregate consumption theory is a major area of macroeconomic research.
This is a preview of subscription content, log in via an institution.
Preview
Unable to display preview. Download preview PDF.
References
S. Kuznets, The National Product since 1869 (New York: National Bureau of Economic Research, 1946).
I. Fisher, The Rate of Interest (London: Macmillan, 1907).
I. Fisher, The Theory of Interest (London: Macmillan, 1930).
M. Friedman, A Theory of the Consumption Function (Princeton University Press, 1957).
K. M. Koyck, Distributed Lags and Investment Analysis (Amsterdam: North-Holland, 1954).
R. E. Lucas, ‘Econometric Policy Evaluation: a Critique’, in K. Brunner and A. Meltzer (eds), The Phillips Curve and Labour Markets, Carnegie-Rochester Conference Series on Public Policy (1976).
F. Modigliani and R. Brumberg, ‘Utility Analysis and the Consumption Function: an Interpretation of Cross Section Data’, in K. Kurihara (ed.), Post-Keynesian Economics (London: Allen & Unwin, 1955).
A. Ando and F. Modigliani, ‘Tests of the Life Cycle Hypothesis of Savings: Comments and Suggestions’, Bulletin of the Oxford University Institute of Statistics, 19 (1957).
A. Ando and F. Modigliani, ‘The Life Cycle Hypothesis of Saving: Aggregate Implications and Taste’, American Economic Review, 53, 1 (1963).
R. E. Hall, ‘Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence’, Journal of Political Economy, 86, 6 (December 1978).
W. Dolde, ‘Issues and Models in Empirical Research on Aggregate Consumer Expenditure’, in K. Brunner and A. Meltzer (eds), On the State of Macroeconomics, Carnegie-Rochester Conference Series on Public Policy (Amsterdam: North-Holland, 1980).
S. S. Bhalla, ‘The Measurement of Permanent Income and its Application to Savings Behaviour’, Journal of Political Economy, 88, 4 (August 1980).
J. Davidson, D. Hendry, F. Srba and S. Yeo, ‘Econometric Modelling of the Aggregate Time-Series Relationship between Consumers’ Expenditure and Income in the United Kingdom’, Economic Journal, 88 (December 1978).
J. Townend, ‘The Personal Saving Ratio’, Bank of England Quarterly Bulletin, 16, 1 (March 1976).
A. Deaton, ‘Involuntary Saving through Unanticipated Inflation’, American Economic Review, 67, 5 (December 1977).
J. Tobin, ‘A General Equilibrium Approach to Monetary Theory’, Journal of Money, Credit and Banking, 1, 1 (1969).
Copyright information
© 1982 Rosalind Levačić and Alexander Rebmann
About this chapter
Cite this chapter
Levačić, R., Rebmann, A. (1982). Consumption. In: Macroeconomics. Palgrave, London. https://doi.org/10.1007/978-1-349-86044-9_12
Download citation
DOI: https://doi.org/10.1007/978-1-349-86044-9_12
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-34145-2
Online ISBN: 978-1-349-86044-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)