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The Service Flow from Consumption Goods with an Application to Friedman's Permanent Income Hypothesis

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  • Patterson, K D
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    Abstract

    This study is concerned with measuring the service flow of consumption goods. It is argued that simply to aggregate consumers' expenditure on durable goods and nondurable goods is misleading as an indicator of consumption. This idea can be traced back to Friedman's permanent income hypothesis, but little progress seems to have been made on the practical implementation of this distinction. This study reports the calculation of a Divisia index of the service flow of consumer goods for the United Kingdom with an application to the permanent income hypothesis. Copyright 1992 by Royal Economic Society.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Economic Papers.

    Volume (Year): 44 (1992)
    Issue (Month): 2 (April)
    Pages: 289-305

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    Handle: RePEc:oup:oxecpp:v:44:y:1992:i:2:p:289-305

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    Cited by:
    1. Jim Malley & Hassan Molana, . "The Permanent Income Hypothesis Revisited: Reconciling Evidence from Aggregate Data with the Representative Consumer Behaviour," ICMM Discussion Papers 48, Department of Economics University of Strathclyde.
    2. Riccardo Massari, 2005. "A Measure of Welfare Based on Permanent Income Hypothesis: An Application on Italian Households Budgets," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 64(1), pages 55-92, September.
    3. Max Munday & Annette Roberts, 2006. "Developing approaches to measuring and monitoring sustainable development in Wales: A review," Regional Studies, Taylor & Francis Journals, vol. 40(5), pages 535-554.

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