Economics 314 Coursebook , 2010 Jeffrey Parker 16 THEORIES OF CONSUMPTION AND SAVING
نویسنده
چکیده
A. Topics and Tools............................................................................. 1 B. The Kuznets Paradox ....................................................................... 3 C. Relative-Income Hypothesis .............................................................. 5 D. Life-Cycle Model and Permanent-Income Hypothesis .............................. 7 Life-cycle model ............................................................................................................ 8 Permanent-income hypothesis ........................................................................................ 9 Permanent vs. temporary changes in income ................................................................. 11 The dangers of ignoring macroeconomists: A policy faux pas .......................................... 12 E. Understanding Romer=s Chapter 7 ....................................................... 13 Empirical consumption functions ................................................................................. 13 Uncertainty, rational expectations, and consumption ..................................................... 14 Quadratic utility ........................................................................................................ 16 F. Empirical Tests of the Random-Walk Hypothesis .................................... 16 Testing the random-walk hypothesis............................................................................. 18 Later tests and excess sensitivity of consumption to income .............................................. 20 G. Suggestions for Further Reading ........................................................ 23 Classic studies of consumption ..................................................................................... 23 Some recent advances .................................................................................................. 23 H. Works Cited in Text ....................................................................... 23
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