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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Bibliographic Details
Main Authors: KIM, Yun K., SETTERFIELD, Mark, MEI, Yuan
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2014
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

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