Aggregate Consumption Function with Coefficients Random across Countries

1971 ◽  
pp. 176-190
Author(s):  
P. A. V. B. Swamy
Keyword(s):  
Consumption Function ◽  
Aggregate Consumption

scholarly journals OS MICROFUNDAMENTOS DO CONSUMO: DE KEYNES ATÉ A VERSÃO MODERNA DA TEORIA DA RENDA PERMANENTE

2003 ◽  
Vol 29 ◽  
Author(s):  
Flavia Dias Rangel Oreiro
Keyword(s):  
Life Cycle ◽  
Rational Expectations ◽  
Function Theory ◽  
Permanent Income ◽  
Permanent Income Hypothesis ◽  
Consumption Function ◽  
John Maynard Keynes ◽  
Aggregate Consumption ◽  
Milton Friedman ◽  
Consumption Decision

Este artigo pretende analisar a evolução recente das teorias de consumo, enfatizando os micro-fundamentos do consumo, desde Keynes (1936) até a versão moderna da teoria da renda permanente de Hall- Flavin (1978-1981), bem como inserir o comportamento do consumidor numa ótica intertemporal. Nesse contexto, são discutidas: a teoria de consumo de John Maynard Keynes (1936); os fatos estilizados de Simon Kuznets (1940); a contribuição de Irving Fisher à teoria de consumo ao propor o modelo intertemporal básico de comportamento do consumidor; a teoria da renda permanente de Milton Friedman (1957) e a teoria do ciclo da vida de Franco Modigliani (1963), as quais se baseiam no arcabouço teórico de Fisher para explicar o “enigma do consumo”; e finalmente, a chamada “versão moderna da teoria da renda permanente” de Hall - Flavin (1978-81), que aplica o método de expectativas racionais aos modelos ciclo-da vida/ renda permanente. Abstract The objective of the present article is to analyze the recent evolution of the theories of the consumption function, with a special emphasis over the micro foundations of the consumption decision, since Keynes (1936) until the modern version of the permanent income hypothesis of Hall and Flavin (1978-1981). In this setting we will discuss the following issues: the consumption function theory of John Maynard Keynes, the stylized facts of Kusnets, the Irving Fisher contribution to the consumption function theory by his proposal of an intertemporal framework to analyze consumer behavior; Milton Friedman´s theory of permanent income and Modigliani´s life-cycle hypothesis. All these theories are based upon Irving Fisher framework to explain the “consumption enigma”. Finally we will analyze the Hall-Flavin version of the permanent income hypothesis, which applies the rational expectations method to the models of aggregate consumption based on the life-cycle/permanent income hypothesis.

Distribution Effects and the Aggregate Consumption Function

1975 ◽  
Vol 83 (3) ◽  
pp. 447-475 ◽  
Author(s):  
Alan S. Blinder
Keyword(s):  
Consumption Function ◽  
Aggregate Consumption

scholarly journals Estimation of Consumption Function for Developing Economies: China, Turkey, Vietnam and Bangladesh

2020 ◽  
Vol V (I) ◽  
pp. 1-11
Author(s):  
Saima Liaqat ◽  
Marguerite Wotto ◽  
Khalid Khan
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Real Interest Rate ◽  
Time Series Data ◽  
Developing Economies ◽  
Series Data ◽  
Consumption Function ◽  
Middle Income ◽  
Aggregate Consumption ◽  
Real Gdp

This study analyses the determinants of consumption function for four countries: China and Turkey as Upper Middle-Income Economies (UMIE); Bangladesh and Vietnam as Lower Middle-Income Economies (LMIE). It used a model based on the ARDL technique to analyze the time series data for the period of 1985- 2018. The results reveal that wealth and labor income have a similar impact on consumption in UMIE and LMIE since they affect significantly and positively aggregate consumption. Unemployment and real interest rates have an analogous result for UMIE while assorted results LMIE. The real interest rate harms RPAC as evidence of income effect. However, the short-term wealth and real GDP positively affect real RPAC whereas the unemployment rate and real interest rate negatively affect aggregate real private consumption of the selected economies.

A time varying parameter approach to the Chinese aggregate consumption function

1996 ◽  
Vol 29 (3) ◽  
pp. 185-203 ◽  
Author(s):  
Haiyan Song ◽  
Xiaming Liu ◽  
Peter Romilly
Keyword(s):  
Time Varying ◽  
Consumption Function ◽  
Aggregate Consumption ◽  
Time Varying Parameter ◽  
Parameter Approach
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