Consumption: Distinguishing between Keynesian and Permanent Income Motivations, and Deleveraging
{ Posted on Dec 06 2011 by Menzie Chinn }
One of the startling things about consumption behavior is that, despite the burst of spending surrounding the holiday season, per capita consumption in 2011Q3 has only re-attained the levels of 2008Q3. Various explanations have been forwarded, ranging from the failure ...Read More »
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