A theory of aggregate consumption
We develop a Keynesian model of aggregate consumption. Our theory emphasizes the importance of the relative income hypothesis and debt finance for understanding household consumption behavior. It is shown that particular importance attaches to how net debtor households service their debts, and that...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2014
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/2183 https://ink.library.smu.edu.sg/context/soe_research/article/3182/viewcontent/Theory_of_aggregate_consumption_pv.pdf |
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| Institution: | Singapore Management University |
| Language: | English |