Wealth and Inflation Effects in the Aggregate Consumption Function:
This paper examines some alternative specifications of the aggregate consumption function for eight OECD countries. Wealth effects are potentially important as determinants of consumption and as a transmission channel from monetary influences to real variables. However, measurement difficulties prev...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1986
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| Schriftenreihe: | OECD Economics Department Working Papers
no.35 |
| Schlagworte: | |
| Online-Zugang: | DE-862 DE-863 |
| Zusammenfassung: | This paper examines some alternative specifications of the aggregate consumption function for eight OECD countries. Wealth effects are potentially important as determinants of consumption and as a transmission channel from monetary influences to real variables. However, measurement difficulties prevent direct incorporation of wealth in empirical work on consumption in many countries. Here, wealth effects are incorporated implicitly into estimated functions in a way that differentiates between indexed and non-indexed assets. Results indicate that, while inflation appears to affect measured consumption ratios in all countries examined, an interaction between inflation and interest rates that would be implied by wealth effects is not always present. The implications of different consumption functions are tested within a macroeconomic model, the OECD INTERLINK system. The response of output and consumption to standard fiscal policy shocks generally becomes smaller when inflation ... |
| Beschreibung: | 1 Online-Ressource (40 Seiten) 21 x 29.7cm. |
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| indexdate | 2025-03-18T14:29:19Z |
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| spelling | Holtham, G.H... VerfasserIn aut Wealth and Inflation Effects in the Aggregate Consumption Function G.H., Holtham and H., Kato Paris OECD Publishing 1986 1 Online-Ressource (40 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.35 This paper examines some alternative specifications of the aggregate consumption function for eight OECD countries. Wealth effects are potentially important as determinants of consumption and as a transmission channel from monetary influences to real variables. However, measurement difficulties prevent direct incorporation of wealth in empirical work on consumption in many countries. Here, wealth effects are incorporated implicitly into estimated functions in a way that differentiates between indexed and non-indexed assets. Results indicate that, while inflation appears to affect measured consumption ratios in all countries examined, an interaction between inflation and interest rates that would be implied by wealth effects is not always present. The implications of different consumption functions are tested within a macroeconomic model, the OECD INTERLINK system. The response of output and consumption to standard fiscal policy shocks generally becomes smaller when inflation ... Economics Kato, H... MitwirkendeR ctb |
| spellingShingle | Holtham, G.H.. Wealth and Inflation Effects in the Aggregate Consumption Function Economics |
| title | Wealth and Inflation Effects in the Aggregate Consumption Function |
| title_auth | Wealth and Inflation Effects in the Aggregate Consumption Function |
| title_exact_search | Wealth and Inflation Effects in the Aggregate Consumption Function |
| title_full | Wealth and Inflation Effects in the Aggregate Consumption Function G.H., Holtham and H., Kato |
| title_fullStr | Wealth and Inflation Effects in the Aggregate Consumption Function G.H., Holtham and H., Kato |
| title_full_unstemmed | Wealth and Inflation Effects in the Aggregate Consumption Function G.H., Holtham and H., Kato |
| title_short | Wealth and Inflation Effects in the Aggregate Consumption Function |
| title_sort | wealth and inflation effects in the aggregate consumption function |
| topic | Economics |
| topic_facet | Economics |
| work_keys_str_mv | AT holthamgh wealthandinflationeffectsintheaggregateconsumptionfunction AT katoh wealthandinflationeffectsintheaggregateconsumptionfunction |