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Aggregate Consumption and Saving in the Postwar United States

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  • Slesnick, Daniel T

Abstract

Two commonly used sources of aggregate expenditure data are personal consumption expenditures in the National Income an d Product Accounts and the Consumer Expenditure Surveys administered by the Bureau of Labor Statistics. The author adjusts b oth data sources to incorporate the service flows from owner-occupied housing and other consumer durables. A comparison of the two estimat es of aggregate expenditure reveals that the differences between the tw o data sets have been growing over time. By 1989 the level of aggregat e expenditure in the national accounts exceeds that reported in the Consumer Expenditure Surveys by $1224 billions. Less than half of th is difference can be attributed to definitional differences in the two data sources. Copyright 1992 by MIT Press.

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  • Slesnick, Daniel T, 1992. "Aggregate Consumption and Saving in the Postwar United States," The Review of Economics and Statistics, MIT Press, vol. 74(4), pages 585-597, November.
  • Handle: RePEc:tpr:restat:v:74:y:1992:i:4:p:585-97
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    Cited by:

    1. Bruce D. Meyer & James X. Sullivan, 2009. "Five Decades of Consumption and Income Poverty," NBER Working Papers 14827, National Bureau of Economic Research, Inc.
    2. Kirsanova, Tatiana & Sefton, James, 2007. "A comparison of national saving rates in the UK, US and Italy," European Economic Review, Elsevier, vol. 51(8), pages 1998-2028, November.
    3. Emily Anderson & Atsushi Inoue & Barbara Rossi, 2016. "Heterogeneous Consumers and Fiscal Policy Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(8), pages 1877-1888, December.
    4. Javier Díaz-Giménez & Vincenzo Quadrini & José-Víctor Ríos-Rull, 1997. "Dimensions of inequality: facts on the U.S. distributions of earnings, income, and wealth," Quarterly Review, Federal Reserve Bank of Minneapolis, pages 3-21.
    5. Campos, Rodolfo G. & Reggio, Iliana, 2015. "Consumption in the shadow of unemployment," European Economic Review, Elsevier, vol. 78(C), pages 39-54.
    6. Marco Cagetti & Mariacristina De Nardi, 2009. "Estate Taxation, Entrepreneurship, and Wealth," American Economic Review, American Economic Association, pages 85-111.
    7. Athreya, Kartik & Tam, Xuan S. & Young, Eric R., 2009. "Unsecured credit markets are not insurance markets," Journal of Monetary Economics, Elsevier, vol. 56(1), pages 83-103, January.
    8. Adam Bee & Bruce D. Meyer & James X. Sullivan, 2013. "The Validity of Consumption Data: Are the Consumer Expenditure Interview and Diary Surveys Informative?," NBER Chapters,in: Improving the Measurement of Consumer Expenditures, pages 204-240 National Bureau of Economic Research, Inc.
    9. Stephane Guibaud & Keyu Jin & Nicolas Coeurdacier, 2011. "Credit Constraints and Growth in a Global Economy," 2011 Meeting Papers 1040, Society for Economic Dynamics.
    10. Bruce D. Meyer & James X. Sullivan, 2017. "Consumption and income inequality in the US since the 1960s," AEI Economics Working Papers 953873, American Enterprise Institute.
    11. Maurizio Iacopetta & Raoul Minetti & Pietro F. Peretto, 2014. "Financial markets industry dynamics and growth," Sciences Po publications info:hdl:2441/1ani1qs24g9, Sciences Po.
    12. Garner, Thesia I. & Short, Kathleen, 2009. "Accounting for owner-occupied dwelling services: Aggregates and distributions," Journal of Housing Economics, Elsevier, vol. 18(3), pages 233-248, September.
    13. Till van Treeck, 2012. "Did inequality cause the U.S. financial crisis?," IMK Working Paper 91-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    14. Coeurdacier, Nicolas & Guibaud, Stéphane & Jin, Keyu, 2015. "Credit constraints and growth in a global economy," LSE Research Online Documents on Economics 62016, London School of Economics and Political Science, LSE Library.
    15. Brannlund, Runar & Ghalwash, Tarek & Nordstrom, Jonas, 2007. "Increased energy efficiency and the rebound effect: Effects on consumption and emissions," Energy Economics, Elsevier, pages 1-17.
    16. George Korres & Emmanuel Marmaras & George Tsobanoglou, 2004. "A note on poverty, inequality and growth," ERSA conference papers ersa04p500, European Regional Science Association.
    17. Chai Andreas & Moneta Alessio, 2014. "Escaping Satiation Dynamics: Some Evidence from British Household Data," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(2-3), pages 299-327, April.
    18. Martin Beznoska & Richard Ochmann, 2013. "The interest elasticity of household savings: a structural approach with German micro data," Empirical Economics, Springer, pages 371-399.
    19. Bettina Aten & Eric Figueroa & Troy Martin, 2012. "How can the American Community Survey (ACS) be used to improve the imputation of Owner-Occupied Rent Expenditures?," BEA Working Papers 0080, Bureau of Economic Analysis.
    20. van Treeck, Till. & Sturn, Simon., 2012. "Income inequality as a cause of the Great Recession? : A survey of current debates," ILO Working Papers 994709343402676, International Labour Organization.
    21. Orazio Attanasio, 1994. "Personal Saving in the United States," NBER Chapters,in: International Comparisons of Household Saving, pages 57-124 National Bureau of Economic Research, Inc.
    22. Barry Z. Cynamon & Steven M. Fazzari, "undated". "Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts," Working Papers Series 13, Institute for New Economic Thinking.
    23. Rios-Rull, Jose-Victor & Kuhn, Moritz, 2016. "2013 Update on the U.S. Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, pages 1-75.
    24. Garry Barrett & Peter Levell & Kevin Milligan, 2014. "A Comparison of Micro and Macro Expenditure Measures across Countries Using Differing Survey Methods," NBER Chapters,in: Improving the Measurement of Consumer Expenditures, pages 263-286 National Bureau of Economic Research, Inc.
    25. Alessandra Michelangeli & Eugenio Peluso & Alain Trannoy, 2011. "Detecting a change in wealth concentration without the knowledge of the wealth distribution," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, pages 373-391.

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