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Articles 1 - 3 of 3
Full-Text Articles in Social and Behavioral Sciences
2012-2 Milton Friedman's Contributions To Macroeconomics And Their Influence, David Laidler
2012-2 Milton Friedman's Contributions To Macroeconomics And Their Influence, David Laidler
Economic Policy Research Institute. EPRI Working Papers
No abstract provided.
The Relative Income Theory Of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model, Thomas I. Palley
The Relative Income Theory Of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model, Thomas I. Palley
PERI Working Papers
This paper presents a theoretical model of consumption behavior that synthesizes the seminal contributions of Keynes (1936), Friedman (1956) and Duesenberry (1948). The model is labeled a “relative permanent income” theory of consumption. The key feature is that the share of permanent income devoted to consumption is a negative function of household relative permanent income. The model generates patterns of consumption spending consistent with both long-run time series data and modern empirical findings that high-income households have a higher propensity to save. It also explains why consumption inequality is less than income inequality.
2005-11 Milton Friedman And The Evolution Of Macroeconomics, David Laidler
2005-11 Milton Friedman And The Evolution Of Macroeconomics, David Laidler
Economic Policy Research Institute. EPRI Working Papers
No abstract provided.