The peopling of macroeconomics: Microeconomics of aggregate consumer expenditures
Since the 1950s economists have been building a theory of aggregate consumer spending, seeking to understand how individual households choose to spend and how their choices change when interest rates, the unemployment rate, and other economic indicators change. Before that time, economists looked for "economic laws" that would explain the connection between one set of economic aggregates and another, without considering the decisions of individual households. Although the process of connecting macroeconomic aggregates to individuals' behavior is far from complete, predictions of aggregate consumer spending are now rooted in predictions of individual behavior. In "The Peopling of Macroeconomics: Microeconomics of Aggregate Consumer Expenditures," Satyajit Chatterjee takes readers through a brief historical survey from the early work on the consumption function to the theory of aggregate consumer spending in modern macroeconomic models.
Volume (Year): (2009)
Issue (Month): Q1 ()
|Contact details of provider:|| Postal: 10 Independence Mall, Philadelphia, PA 19106-1574|
Web page: http://www.philadelphiafed.org/
More information through EDIRC
|Order Information:|| Web: http://www.phil.frb.org/publicaffairs/pubs/index.html Email: |
When requesting a correction, please mention this item's handle: RePEc:fip:fedpbr:y:2009:i:q1:p:1-10. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Beth Paul)
If references are entirely missing, you can add them using this form.