全球智库信息集成服务系统(G2TT): An Analysis of Postwar U.S. Consumption and Saving: Part I -- The Model and Aggregation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w2605
来源ID	Working Paper 2605
	An Analysis of Postwar U.S. Consumption and Saving: Part I -- The Model and Aggregation
	Michael J. Boskin; Lawrence J. Lau
发表日期	1988-06-06
出版年	1988
语种	英语
摘要	A new empirical analysis of aggregate United States consumption and saving for the period 1947-80 is presented. The model is based on the theory of exact aggregation. It recognizes explicitly that households with different characteristics may be heterogeneous in their behavior and that aggregate behavior may depend on the changing composition of households by characteristics and therefore may not be adequately portrayed by a representative consumer, but otherwise it imposes minimal assumptions on household behavior. The model integrates longitudinal and cross-sectional microeconomic data on household characteristics with the traditional aggregate time-series data. Various hypotheses on consumption, such as age independence, proportionality to wealth, and price independence, are tested and rejected. Strong evidence of relative price effects and a systematic variation of aggregate consumption with changing age distribution of wealth in the economy is found. Especially important is the substantial estimated difference in the shares of wealth consumed between households headed by persons born prior to and those born after 1939. One important lesson from this study is that modeling the aggregate U. S. economy as a representative consumer may give rise to misleading results.
主题	Econometrics
URL	https://www.nber.org/papers/w2605
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/559891
推荐引用方式 GB/T 7714	Michael J. Boskin,Lawrence J. Lau. An Analysis of Postwar U.S. Consumption and Saving: Part I -- The Model and Aggregation. 1988.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w2605.pdf（415KB）	智库出版物		限制开放	CC BY-NC-SA	浏览