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| Author: | Fleissig, A. |
| Title: | The consumer consumption conundrom: an explanation |
| Journal: | Journal of Money, Credit and Banking
1997 : MAY, VOL. 29:2, p. 177-192 |
| Index terms: | CONSUMERS CONSUMPTION MONEY |
| Language: | eng |
| Abstract: | This paper uses the Fourier flexible form to jointly approximate utility and service flows from durable and nondurable goods. In contrast, parametric functions are usually not flexible enough to accurately approximate nonseparability and often give inconsistent results. This paper calls these inconsistent results the consumer consumption conundrum. The author considers that policy intended to affect consumption should take the variability of substitution into account because constant elasticity of substitution functions may give misleading conclusions. |
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