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La fonction de consommation sur longue période en France


  • Pierre Villa


[eng] This article examines the propensity to consume as a function of the distribu­tion of incomes, inflation, unemployment, and of wealth, as well as how such wealth is held. Econometric estimates have been carried out using several defini­tions of income : income as defined in national accounting, wider « extended income » that takes inflation into account, economic income as defined by Hicks, and income corrected for savings by individual entrepreneurs. These estimates show that agents'consumption behaviour is more refined than it was at the begin­ning of the century, taking better account of inflation and wealth effects. However, this conclusion is subject to the precision of data, which has increased over time. Lastly, the article stresses the counter-cyclical role of income distribution as a determinant of consumption, and to lesser extent the impact of automatic wealth stabilisers. It also stresses the pro-cyclical, though secondary, importance of infla­tion and unemployment. In addition, the article shows up, though less precisely, the positive impact that the development of financial markets has had on savings. [fre] Nous étudions les facteurs explicatifs de la propension à consommer: la répartition du revenu, l'inflation, le chômage, la richesse et les formes de détention de cette dernière. Les estimations économétriques sont effectuées selon plu­sieurs définitions du revenu : revenu au sens de la comptabilité nationale, revenu élargie prenant en compte l'inflation, revenu économique au sens de Hicks, revenu corrigé de l'épargne des entrepreneurs individuels. Elles montrent que le comportement de consommation des agents est plus raffiné dans la période récente qu'au début du siècle, prenant mieux en compte les transferts dus à l'infla­tion et les effets de richesse ; toutefois, cette conclusion est tributaire de la précision des données qui augmente au cours du temps. Enfin et surtout, nous mettons en évidence, dans les déterminants de la consommation, le rôle contracyclique de la distribution des revenus et, à un degré moindre de leur répartition, le rôle de stabili­sateur automatique de la richesse et le caractère procyclique mais secondaire de l'inflation et du chômage. Nous mettons aussi en évidence, mais avec une précision faible, le rôle positif du développement des marchés financiers sur l'épargne.

Suggested Citation

  • Pierre Villa, 1996. "La fonction de consommation sur longue période en France," Revue Économique, Programme National Persée, vol. 47(1), pages 111-142.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1996_num_47_1_409762 Note: DOI:10.3406/reco.1996.409762

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    References listed on IDEAS

    1. Breeden, Douglas T., 1979. "An intertemporal asset pricing model with stochastic consumption and investment opportunities," Journal of Financial Economics, Elsevier, vol. 7(3), pages 265-296, September.
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    11. Michael C. Lovell, 1975. "Why Was the Consumer Feeling So Sad?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(2), pages 473-479.
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    Cited by:

    1. Pierre Villa, 1996. "France in the Early Depression of the Thirties," Working Papers 1996-06, CEPII research center.

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