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The aggregate consumption function : an analysis, including an estimate of the Australian short-run consumption function, 1959-1969.


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Rayner, Philip James 1972 , 'The aggregate consumption function : an analysis, including an estimate of the Australian short-run consumption function, 1959-1969.', Research Master thesis, University of Tasmania.

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In recent years the debate as to the correct form of
the aggregate consumption function has continued unabated. Research
on the question has been stimulated by the increasing efforts to
build up econometric models of national economies. Over the years
these models have grown both in size (i.e. in the number of equations
and variables employed) and complexity. However, the consumption
function has remained an important relationship in these models.
The continuing debate has now generated an exceedingly large
literature, and it is the first aim of this thesis to review the
more important contributions to this literature. Four chapters are
devoted to this aim. The first deals with work based essentially
upon the original formulation of the consumption function by Keynes,
the second deals with Friedman's Permanent Income Hypothesis and the
literature which that has inspired, while the final two chapters are
given over to a discussion of wealth and the consumption function,
including the Life Cycle Hypothesis of Ando, Modigliani and Brumberg.
Research into the nature of the Australian consumption
function has not kept pace with overseas work, and the resulting
literature is small both in terms of the total number of studies and
in terms of the number of successful overseas ideas that have been
tried using Australian data. It is the second aim of this thesis to
review the work on the Australian consumption function, and a
conscientious effort has been made to collect together all available

Item Type: Thesis - Research Master
Authors/Creators:Rayner, Philip James
Keywords: Consumption (Economics)
Copyright Holders: The Author
Copyright Information:

Copyright 1972 the Author. The University is continuing to endeavour to trace the copyright owner(s) and in the meantime this item has been reproduced here in good faith. We would be pleased to hear from the copyright owner(s)

Additional Information:

Bibliography: l. [285]-298. Thesis (M.Ec.) - University of Tasmania, 1972

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