Chapter

The Volatility of Consumption

Angus Deaton

in Understanding Consumption

Published in print October 1992 | ISBN: 9780198288244
Published online November 2003 | e-ISBN: 9780191596131 | DOI: http://dx.doi.org/10.1093/0198288247.003.0004

Series: Clarendon Lectures in Economics

 The Volatility of Consumption

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Develops the themes of Ch. 3 by exploring how consumption responds to innovations in income. The focus is on the econometric enquiry and presents insights into how measured income differs from permanent income and how to deal with the non‐stationarity of income. The chapter concludes by looking at how to analyse cases where the agents base their consumption plans on private information that is not available to the econometrician.

Keywords: consumption plans; econometrics; income innovations; non‐stationarity; permanent income; private information

Chapter.  12908 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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