Subjectively perceived change in consumption along the living standards in old ages (original) (raw)
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Consumption expenditure is an important macroeconomic variable compnsıng more than 60 percent of Gross National Product (GNP) of the United States, vvhıle m some other countries, it constitutes a much larger share up to about 80 - 90 percent. Because of its significance in the economy, a favorable long-term model of GNP should represent consumption in terms of the underlyıng factors that affeot consumption behavior. The income distribution and age structure are often omitted from the consumption model. In thıs paper, we examine in particular, the evidence from cross-section household data for the U.S. to assess the effects of the income distribution and the age structure of the population on consumption expenditures. We divide consumption expenditures into its three majör components: durable and nondurable goods and Services. The immediate objective of the study is to test the hypotheses concerning the effects of these factors - the income and age dıstrıbutıons - on expenditure patterns as represented by the shares of these three categories in the total consumption expenditure. The longer term goal, toward which this paper is an initial step, is to respecify consumption for long- term macroeconomic modeling so as to include the effects of income and age. A further difference from the conventional macroeconomic modeling in our approach is the explicit simultaneous estimation of the consumption equation.