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The Volatility of Consumption

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Develops the themes of Ch. 3 by exploring how consumption responds to innovations in income. The focus is on the econometric enquiry and presents insights into how measured income differs from ... More


Consumption and Permanent Income

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Discusses the permanent income hypothesis and the mechanisms by which consumption smoothing responds to short‐run changes in income. It also reviews the role played by income and expectations in ... More


Consumption Theory and Its Critics

Matthew P. Drennan

in Income Inequality: Why It Matters and Why Most Economists Didn't Notice

Published in print:
2015
Published Online:
May 2016
ISBN:
9780300209587
eISBN:
9780300216349
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300209587.003.0006
Subject:
Political Science, Public Policy

Traces the development of the economic theory of consumption from Malthus and Ricardo to Keynes and Milton Friedman. The arguments of critics of the prevailing Friedman–Modigliani–Brumberg paradigm ... More


Macroeconomics and Microeconomics

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Reviews the large econometric literature that uses micro data to test the theory of intertemporal allocations and finds it inconclusive. The empirical work that is reviewed focuses on the permanent ... More


Dynamic Consumption Theory

Fabio-Cesare Bagliano and Giuseppe Bertola

in Models for Dynamic Macroeconomics

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199266821
eISBN:
9780191601606
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199266824.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Solves the basic version of the intertemporal consumption choice model under rational expectations. Discrete‐time dynamic optimization techniques are introduced and the theoretical relationships ... More


Understanding Consumption

Angus Deaton

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Presents a comprehensive introduction to the study of consumption and saving using theoretical models based on standard microeconomic foundations as well as reviewing the substantial empirical ... More


Permanent IncomeModels

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0011
Subject:
Economics and Finance, History of Economic Thought

This chapter uses the model of preferences to represent multiple goods versions of permanent income models. It retains Robert Hall's (1978) specification of a “storage” technology for accumulating ... More


Risk and Insurance in an Agricultural Economy

Pranab Bardhan and Christopher Udry

in Development Microeconomics

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198773719
eISBN:
9780191595929
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198773714.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter first characterizes Pareto‐efficient allocation of risk within a community. A discussion of the documented existence of ex post insurance mechanisms within communities in less developed ... More


Covariance Structures for Dynamic Error Components

Manuel Arellano

in Panel Data Econometrics

Published in print:
2003
Published Online:
July 2005
ISBN:
9780199245284
eISBN:
9780191602481
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199245282.003.0005
Subject:
Economics and Finance, Econometrics

This chapter analyses the time series properties of panel data sets, focusing on short panels. It discusses time effects and moving average covariances. It presents estimates of covariance structures ... More


Professor Friedman's Consumption Function and the Theory of Choice

W. M. Gorman

C. Blackorby and A. F. Shorrocks (eds)

in Separability and Aggregation: The Collected Works of W. M. Gorman, Volume I

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198285212
eISBN:
9780191596322
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198285213.003.0006
Subject:
Economics and Finance, Microeconomics

Although this paper, which was published in Econometrica 32 (1964) can be read as a straightforward budgeting argument, it was inspired by a claim of Sargan's about the necessary and sufficient ... More


The Response of Consumption to Unanticipated Changes in Income

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

In this chapter we examine tests of the hypothesis that consumption will respond to unanticipated income changes and that the response will depend on the persistence of the shock and on the degree of ... More


Friedman’s Theory of Income and Consumption, then and Now

John J. Seater

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0021
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

This chapter discusses Friedman’s theory of the consumption function and its companion permanent income hypothesis, which together are the basis for all modern formulations of the household choice ... More


The Consequences of Financial Hardship (and Recessions) on Income and Welfare

Agar Brugiavini and Guglielmo Weber

in Longer-term Consequences of the Great Recession on the Lives of Europeans

Published in print:
2014
Published Online:
June 2014
ISBN:
9780198708711
eISBN:
9780191779572
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198708711.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter uses life-history data covering a number of European countries (SHARELIFE) to analyse the long-term effects of a financial hardship episode on different indicators of well-being. We ... More


A Cross-Section Analysis of an Economic Theory

Bernt P. Stigum

in Econometrics in a Formal Science of Economics: Theory and the Measurement of Economic Relations

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262028585
eISBN:
9780262323109
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028585.003.0005
Subject:
Economics and Finance, Econometrics

Chapter V begins with a discussion of formal theory-data confrontations in which the sample population plays a significant role. The formalism differs from the theory-data confrontations in Chapters ... More


Selling the Family Silver

Paul Collier

in The Plundered Planet: Why We Must--and How We Can--Manage Nature for Global Prosperity

Published in print:
2010
Published Online:
November 2020
ISBN:
9780195395259
eISBN:
9780197562802
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780195395259.003.0011
Subject:
Environmental Science, Environmental Sustainability

Having waded through the “upstream issues”—getting revenue into a country’s treasury—it is now time for the “downstream issues”—using the money. This chapter is about a key choice: whether money ... More


Conclusions

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics

The final chapter summarizes the material covered by the book, offering our perspectives on areas of consent, disagreement, and future research. The book analyzes how consumers respond to changes in ... More


Sustainable Management of Natural Resource Wealth

Rick van der Ploeg

in National Wealth: What is Missing, Why it Matters

Published in print:
2017
Published Online:
October 2017
ISBN:
9780198803720
eISBN:
9780191844119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198803720.003.0019
Subject:
Economics and Finance, International, Development, Growth, and Environmental

The principles of how best to manage the various components of national wealth are outlined, where the permanent income hypothesis, the Hotelling rule, and the Hartwick rule play a prominent role. A ... More


Consumption, Investment, Inventories, and Credit

Jean-Pascal Bénassy

in Macroeconomic Theory

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195387711
eISBN:
9780190261405
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195387711.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter provides an exposition on the facets of consumption, investments, inventories, and credit using a partial equilibrium approach. It begins by discussing features of consumption such as ... More


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