宏观chapter介绍消费约占ad70.pdfVIP

Introduction • Consumption accounts for about 70% of AD • Fluctuations are proportiona y smaller than the fluctuations in GDP • Consumption is relatively stable • In this chapter we seek to understand consumption and the link between consumption and e fi Consumption theory • The debate over different consumption theories = debate over the size of the marginal propensity to consume (MPC) • Keynesian model MPC is high, modern theories MPC is low