English, Article, Journal or magazine article edition: The Relative Income Theory of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model Thomas I Palley

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Bookmark: http://trove.nla.gov.au/version/199358
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Relative Income Theory of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model
Author
  • Thomas I Palley
Physical Description
  • preprint
Notes
  • 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.
  • Consumption, permanent income, relative income, Keynes, Duesenberry, Friedman
  • RePEc:uma:periwp:wp170
Language
  • English
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