English, Article, Journal or magazine article edition: Wealth and Inflation Effects in the Aggregate Consumption Function G.H. Holtham; H. Kato

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Wealth and Inflation Effects in the Aggregate Consumption Function
Author
  • G.H. Holtham
  • H. Kato
Physical Description
  • preprint
Notes
  • 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 ... Cette étude examine plusieurs spécifications possibles de la fonction agrégée de consommation pour huit pays membres de l'OCDE. Les effets de richesse sont potentiellement importants en tant que déterminants de la consommation et comme canal de transmission des influences monétaires sur les variables réelles. Cependant dans beaucoup de pays des difficultés de mesure empêchent d'incorporer directement la richesse dans les travaux empiriques sur la consommation. Ici, les effets de richesse sont incorporés implicitement dans les fonctions estimées selon une méthode qui différencie les avoirs indexés des avoirs non-indexés. Des résultats, il ressort qu'alors que dans tous les pays étudiés l'inflation semble affecter les ratios de consommation tels qu'ils ont été mesurés, on ne constate pas toujours l'interaction entre l'inflation et les taux d'intérêt qui devrait découler des effets de richesse. Les implications de différentes fonctions de consommation sont testées à l'intérieur d'un ...
  • RePEc:oec:ecoaaa:35-en
Language
  • English
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