A Theory Of The Consumption Function.
Friedman, Milton.
A Theory Of The Consumption Function. - 1 online resource (263 pages)
Intro -- TABLE OF CONTENTS -- DEDICATION -- PREFACE -- LIST OF TABLES -- LIST OF FIGURES -- CHAPTER I-Introduction -- CHAPTER II-The Implications of the Pure Theory of Consumer Behavior -- 1. Complete Certainty -- 2. The Effect of Uncertainty -- a. THE INDIFFERENCE CURVE DIAGRAM -- b. MOTIVES FOR HOLDING WEALTH -- 3. The Relation between the Individual and the Aggregate Consumption Function -- CHAPTER III-The Permanent Income Hypothesis -- 1. The Interpretation of Data on the Income and Consumption of Consumer Units -- 2. A Formal Statement of the Permanent Income Hypothesis -- 3. The Relation between Measured Consumption and Measured Income -- CHAPTER IV-Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Budget Studies -- 1. Temporal Changes in Inequality of Income -- 2. Consumption-income Regressions for Different Dates and Groups -- a. TEMPORAL DIFFERENCES -- b. DIFFERENCES AMONG COUNTRIES -- c. CONSUMPTION OF FARM AND NONFARM FAMILIES -- d. OCCUPATIONAL CHARACTERISTICS OF FAMILIES -- e. NEGRO AND WHITE FAMILIES -- f. A DIGRESSION ON THE USE OF PARTIAL CORRELATION IN CONSUMPTION RESEARCH -- 3. Savings and Age -- 4. The Effect of Change in Income -- a. THE FSA DATA -- b. THE SURVEY OF CONSUMER FINANCES DATA -- c. THE SIGNIFICANCE OF THE COMPARISONS -- Appendix to Section 4-The Effect of Change in Income on the Regression of Consumption on Income -- CHAPTER V-Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Time Series Data -- 1. Recent Long-period Estimates of Aggregate Savings for the United States -- a. THEIR GENERAL PATTERN -- b. THE CONSTANCY OF k* -- 2. Regressions of Consumption on Current Income -- a. EFFECT OF PERIOD COVERED -- b. EFFECT OF FORM OF DATA. c. THE RELATION BETWEEN TIME SERIES AND BUDGET ELASTICITIES -- 3. Regressions of Consumption on Current and Past Income -- a. FUNCTIONS BY MODIGLIANI, DUESENBERRY, AND MACK -- b. ALTERNATIVE FUNCTIONS FITTED TO DATA FOR A LONG PERIOD -- Appendix to Section 3-Effect on Multiple Correlation of Common Errors in Measured Consumption and Current Income -- CHAPTER VI-The Relation Between the Permanent Income and Relative Income Hypotheses -- 1. Relative Income Status Measured by Ratio of Measured Income to Average Income -- 2. Relative Income Status Measured by Percentile Position in the Income Distribution -- 3. The Basis for the Relative Income Hypothesis -- 4. The Relative versus the Absolute Income Hypotheses -- a. CONTINUOUS BUDGET DATA -- b. GEOGRAPHICAL BUDGET COMPARISONS -- c. SUMMARY EVALUATION OF EVIDENCE -- CHAPTER VII-Evidence from Income Data on the Relative Importance of Permanent and Transitory Components of Income -- 1. A Method of Estimating Py -- 2. Empirical Evidence on Py -- 3. Comparison of Estimates of Py with Estimated Income Elasticity of Consumption -- 4. Correlation of the Ratio of Savings to Income in Consecutive Years -- Appendix-Correlation between Savings Ratios in Two Consecutive Years -- CHAPTER VIII-A Miscellany -- 1. Regression of Income on Consumption -- 2. Application of Permanent Income Hypothesis to Individual Categories of Consumption -- 3. Relevance to the Analysis of the Distribution of Income -- 4. Connection between the Permanent Income Hypothesis and the Distribution of Wealth -- 5. Additional Tests of the Permanent Income Hypothesis -- CHAPTER IX-Summary and Conclusion -- 1. Summary Statement of Hypothesis -- 2. Evidence on the Acceptability of the Permanent Income Hypothesis -- 3. Generalizations about Consumer Behavior Based on the Hypothesis -- 4. Implications of the Hypothesis for Research. 5. Substantive Implications of the Hypothesis -- a. ECONOMIC DEVELOPMENT -- b. ECONOMIC FLUCTUATIONS.
9781786258915
Electronic books.
339.470
A Theory Of The Consumption Function. - 1 online resource (263 pages)
Intro -- TABLE OF CONTENTS -- DEDICATION -- PREFACE -- LIST OF TABLES -- LIST OF FIGURES -- CHAPTER I-Introduction -- CHAPTER II-The Implications of the Pure Theory of Consumer Behavior -- 1. Complete Certainty -- 2. The Effect of Uncertainty -- a. THE INDIFFERENCE CURVE DIAGRAM -- b. MOTIVES FOR HOLDING WEALTH -- 3. The Relation between the Individual and the Aggregate Consumption Function -- CHAPTER III-The Permanent Income Hypothesis -- 1. The Interpretation of Data on the Income and Consumption of Consumer Units -- 2. A Formal Statement of the Permanent Income Hypothesis -- 3. The Relation between Measured Consumption and Measured Income -- CHAPTER IV-Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Budget Studies -- 1. Temporal Changes in Inequality of Income -- 2. Consumption-income Regressions for Different Dates and Groups -- a. TEMPORAL DIFFERENCES -- b. DIFFERENCES AMONG COUNTRIES -- c. CONSUMPTION OF FARM AND NONFARM FAMILIES -- d. OCCUPATIONAL CHARACTERISTICS OF FAMILIES -- e. NEGRO AND WHITE FAMILIES -- f. A DIGRESSION ON THE USE OF PARTIAL CORRELATION IN CONSUMPTION RESEARCH -- 3. Savings and Age -- 4. The Effect of Change in Income -- a. THE FSA DATA -- b. THE SURVEY OF CONSUMER FINANCES DATA -- c. THE SIGNIFICANCE OF THE COMPARISONS -- Appendix to Section 4-The Effect of Change in Income on the Regression of Consumption on Income -- CHAPTER V-Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Time Series Data -- 1. Recent Long-period Estimates of Aggregate Savings for the United States -- a. THEIR GENERAL PATTERN -- b. THE CONSTANCY OF k* -- 2. Regressions of Consumption on Current Income -- a. EFFECT OF PERIOD COVERED -- b. EFFECT OF FORM OF DATA. c. THE RELATION BETWEEN TIME SERIES AND BUDGET ELASTICITIES -- 3. Regressions of Consumption on Current and Past Income -- a. FUNCTIONS BY MODIGLIANI, DUESENBERRY, AND MACK -- b. ALTERNATIVE FUNCTIONS FITTED TO DATA FOR A LONG PERIOD -- Appendix to Section 3-Effect on Multiple Correlation of Common Errors in Measured Consumption and Current Income -- CHAPTER VI-The Relation Between the Permanent Income and Relative Income Hypotheses -- 1. Relative Income Status Measured by Ratio of Measured Income to Average Income -- 2. Relative Income Status Measured by Percentile Position in the Income Distribution -- 3. The Basis for the Relative Income Hypothesis -- 4. The Relative versus the Absolute Income Hypotheses -- a. CONTINUOUS BUDGET DATA -- b. GEOGRAPHICAL BUDGET COMPARISONS -- c. SUMMARY EVALUATION OF EVIDENCE -- CHAPTER VII-Evidence from Income Data on the Relative Importance of Permanent and Transitory Components of Income -- 1. A Method of Estimating Py -- 2. Empirical Evidence on Py -- 3. Comparison of Estimates of Py with Estimated Income Elasticity of Consumption -- 4. Correlation of the Ratio of Savings to Income in Consecutive Years -- Appendix-Correlation between Savings Ratios in Two Consecutive Years -- CHAPTER VIII-A Miscellany -- 1. Regression of Income on Consumption -- 2. Application of Permanent Income Hypothesis to Individual Categories of Consumption -- 3. Relevance to the Analysis of the Distribution of Income -- 4. Connection between the Permanent Income Hypothesis and the Distribution of Wealth -- 5. Additional Tests of the Permanent Income Hypothesis -- CHAPTER IX-Summary and Conclusion -- 1. Summary Statement of Hypothesis -- 2. Evidence on the Acceptability of the Permanent Income Hypothesis -- 3. Generalizations about Consumer Behavior Based on the Hypothesis -- 4. Implications of the Hypothesis for Research. 5. Substantive Implications of the Hypothesis -- a. ECONOMIC DEVELOPMENT -- b. ECONOMIC FLUCTUATIONS.
9781786258915
Electronic books.
339.470