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Impact of Consumer Installment Debt on Food Expenditures

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  • Kirby, Raymond
  • Capps, Oral, Jr.

Abstract

Trends in consumer installment credit over the period 1970 to 1989 are discussed and an empirical model developed to identify and assess the impact of installment credit on food expenditures. Real per capita food expenditures are modeled as a function of the real price of food, real per capita personal disposable income, seasonality, and a measure of the level of consumer installment credit entered as a polynomial distributed lag to determine its effect over time. Results indicate that installment credit has a positive effect on food expenditures in the short-run, a negative effect in the long-run, and little effect overall. Results from separate models of the 1970s and 1980s provide evidence of structural change taking place between the two time periods.

Suggested Citation

  • Kirby, Raymond & Capps, Oral, Jr., 1991. "Impact of Consumer Installment Debt on Food Expenditures," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271274, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea91:271274
    DOI: 10.22004/ag.econ.271274
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    References listed on IDEAS

    as
    1. Eastwood, David B., 1975. "Consumer credit and the theory of consumer behavior," Journal of Behavioral Economics, Elsevier, vol. 4(1), pages 79-105.
    2. Hayes, Dermot J., 1989. "Incorporating Credit in Demand Analysis," Staff General Research Papers Archive 10943, Iowa State University, Department of Economics.
    3. Jon Faust, 1990. "Will higher corporate debt worsen future recessions?," Economic Review, Federal Reserve Bank of Kansas City, vol. 75(Mar), pages 19-34.
    4. Capps, Oral, 1986. "Changes in Domestic Demand for Food: Impacts on Southern Agriculture," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 18(1), pages 25-36, July.
    Full references (including those not matched with items on IDEAS)

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