theory of consumer behavior - fraser...ackley, gardner and suits, daniel b. relative price changes...

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Relation between Consumer Assets + Consumer Expenditures (or Savings) 1. Effect of changing price levels on the real value of consumer assets - PIGOD EFFECT 2. Effect of Liquid asset creation through Government deficits - LERNER EFFECT 3. Effect of asset accumulation thru continued private investment - KEYNES EFFECT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Page 1: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

Relation between Consumer Assets + Consumer Expenditures (or Savings)

1. Effect of changing price levels on the real value of consumer assets - PIGOD EFFECT

2. Effect of Liquid asset creation through Government deficits - LERNER EFFECT

3. Effect of asset accumulation thru continued private investment - KEYNES EFFECT

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Page 2: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

Consumer motivation

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Page 3: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

ACKLEY, Gardner

The wealth-saving relationship, JOOENAL OF POLITICAL ECONOMY, LIX, No. 2, April, 1951, pp. 154-161.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Page 4: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

ACKLEY, Gardner and SUITS, Daniel B.

Relative price changes and aggregate consumer demand, ̂ AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950, pp. 785-804.

theory of constmers1 behavior

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Page 5: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

/T.LEN and BOVLEY

FAMILY EXPENDITURE: A STUDY OF ITS VARIATIONS. Tendon:

1935.

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Page 6: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

AMSTBONG, V. E.

A note on the theory of consumers' behavior, OXFORD ECONOMIC PAPERS,

January, 1950.

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Page 7: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

BILKEY, V. J.

THE BASIC RELATIONSHIPS IN CONSUMER EXPENDITURE BEHAVIOR. Cambridge, Mass.: Graduate School of Public Administration, Harvard University, 1951.

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Page 8: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

BRONFENBHEHJER, Martin, TAMANE, T., end LEE, C. H.

A study in redistribution and consumption, THE REVIEW OF ECONOMIC STATISTICS, May, 1955.

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Page 9: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

BROW, T. M.

Habit persistence and lags in consumer behavior, ECONOMETEICA, Vol. 20, July, 1952.

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Page 10: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

CLARK, Lincoln H., Editor

CONSOMER BEHAVIOR: THE DYNAMICS OF CONSUMER REACTION. Nev York: New York University-Press , 1954^-

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Page 11: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

DUE, Jean Mann

Consumption levels in, Canada and the United States, 1947-50, THE CANADIAN JOURNAL OF ECONOMICS AND POLITICAL SCIENCE, XXI, No. 2, May, 1955.

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Page 12: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

DUESENBERRI, James

Innovation and growth, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, vol. 46, May, 1956, pp. 13A-H1.

Review:

Discussions: John B. Lansing, Irwin Friend, and Harold W. Guthire, M2-154*

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Page 13: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

DUESENBERBX, James S.

INCOME, SAVIMG AND TBE THEORT OF CONSWER BEHAVIOR* Cambridge, Harvard University Press, 1949.

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Page 14: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

WJESENBERRI, James S*

INCOME, SAVING, AND THE THEORX OF CONSUMER BEHAVIOR. Cambridge: Harvard University Press, 1949*

Review: by Kenneth J, Arrow, AMERICAN ECONOMIC REVIEW, vol. 40, May, 1950, pp, 906-911*

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Page 15: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

DUESENBERRX, James S. and H. KISTIN

"The Role of Demand In the Economic Structure,* in STUDIES IN THE STRUCTURE OF THE AMERICAN ECONOMY. New lork: Oxford University Press, 1953.

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Page 16: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

GILBOT, Elizabeth V.

Elasticity, consumption, and economic growth, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 46, May, 1956, pp. 119-133.

Discussion: John B. Lansing and Irwin Friend, r-;?. 142 and Harold W. Guthrie, pp. 142-54

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Page 17: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

HABERLER, Gottfried

The Pigou effect once more, JOURNAL OF POLITICAL ECONOMY, LX, No. 3, June, 1952, pp. 240-246.

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Page 18: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

HANSEN, Alvin H.

The Pigouvian Effect, JODENAL OF POLITICAL ECONOMY, LIX, No. 6, December, 1951, pp. 535-536.

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Page 19: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

HELLER, V. ¥., F. M. BODDY, and C. L. NELSON

Savings in the Modern Bconaigy* Minnesota: University of Minnesota Press, 1953 •

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Page 20: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

HELLER, V. V., BODDY, F. M. and NELSON, C. L.

SAVINGS IN THE MODERN ECONOMY. A SYMPOSIUM. Minneapolis: University of Minnesota Press, 1953* Pp. 370.

Review: by Malcolm R. Fisher, ECONOMIC JOURNAL, LXV, June, 1955, pp. 312-15.

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Page 21: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KAPLAN, A. D. H.

Expenditure patterns of urban families, JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION, Vol. 33, No. 201, March, 1939, pp. &L-100.

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Page 22: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George and MUELLER,. Eva

CONSUMER BEHAVIOR. New York, New York University Press, 1954-

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Page 23: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, G., KLEIN, L. R, , LANSING, J, B. et al.

CONTRIBUTIONS OF StJRVEX METHODS TO ECONOMICS; ed, with an introduction byL, R. Klein. New York: Columbia University Press, 1954* 258 pp.

Lansing: Concepts used in surveys; Katona: Variability of consumer behavior and the survey

method Morgan, J.N.: Factors related to consumer saving when it

is defined as a net worth concept; Analysis of residuals from normal regression

KLein: Statistical estimation of ec* relations from survey data Applications of survey methods and data to the analysis of ec. fluctuations

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Page 24: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

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Page 25: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George

"Expectations and Becisioaxa in Economic Behavior," in THE POLICY SCIEHCES (ed* by D. Lerner and H. Lasswell). Stanford: Stanford University Press, 1951* pp* 219-32*

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Page 26: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George

The effect of income changes on the rate of savin», THE REVIEW OF ECONOMICS AND STATISTICS,

1949. t,*lf **1

Relation of saving (and dissaving) to income increases and income expectations

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Page 27: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATQNA, George

"Effect of Income Changes oa the Bate of Saving,11

REVIEW OF ECONOMICS & STATISTICS, XXXI, May 1949, pp. 95-103.

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Page 28: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George

Analysis o.f Dissaving, AMERICAN ECONOMIC REVIEW, Vol. 39, June, 1949, pp. 673-688.

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Page 29: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George

"Analysis of Dissaving," AMERICAN ECONOMIC REVIEW, XXHX, June 1949, pp. 673-38.

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Page 30: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George

PSYCHOLOGICAL ANALYSIS OF ECONOMIC BEHAVIOR. New York: McGraw-Hill , 1 9 5 1 .

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Page 31: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George

"Contributions of Psychological Data to Economic Analysis," JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION, XLII, Sept. 1947, pp. U9-59.

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Page 32: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George, and L. R. KLEIN

"Psychological Data in Business Cycle Research,« AMERICAN JOURNAL OF ECONOMICS & SOCIOLOGY, HI, Oct., 1952, pp. 11-22.

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Page 33: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George, and Janet FISHER

^Postwar Income Changes of Identical Consumer Units,* in STUDIES IN INCOME AND WEALTH, Vol. XIII. New York: National Bureau pf Economic Research, 1951 ,pp 62-119.

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Page 34: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATONA, George and J. H. MORGAN

"THe Quantitative Study of Factors Determining Business Decisions," WUARTEBLX JOURNAL OF ECONOMICS, LXVI, Feb. 1952, pp. 67-90.

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Page 35: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KATQNA, George and Eva MUELLER

CONSUMER ATTITODES AND DEMAND, 1950-1952. Ann Arbor: Survey Research Center, 1953.

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Page 36: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KRAVIS, Irving B,

International and intertemporal comparison of the structure of consumption, CONFERENCE ON CONSUMPTION AND ECONOMIC DEVELOPMENT (1955) •

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Page 37: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

KTRK, Hazel

A THEORT OF OONSIMPTION. Hart, Sehaffner & Marx Prize Essays, XXXV. Boston: Houghton Mifflin, 1925. Pp. xiv, 298.

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Page 38: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

LUBELL, Harold

"Effects of redistribution of income on consumers' expenditures," AMERICAH ECONOMIC REVIEW, vol. 37, March 194-7, pp. 157-170.

means of increasing consumers' expenditures by redistributing current income.

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Page 39: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

MACK, Ruth P.

Trends in American consumption and the aspiration to consume, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, Vol. 46, May, 1956, pp. 55-68.

Discussion: Robert Ferber, pp. 8^-6.

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Page 40: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

METZLER, Lloyd A.

Wealth, saving, and the rate of interest, JOURNAL OF POLITICAL ECONOMY, LIX, April, 1951, pp. 93-116.

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Page 41: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

MITZNITSKY, Marie

Economic effects of changes in consumers1

demand, SOCIAL RESEARCH, I, 1934, pp. 199-218,

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Page 42: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

MORGAN, Theodore

CONSUMER ECONOMICS. New York: Prent ice -Hal l , April 1955.

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Page 43: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

MORISHIMA, Michio

Consumer s behavior and liauidity preference, ECONOMETRICA, Vol. 20, April, 1952, pp. 223-2^6.

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Page 44: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

MORISHIMA, Michio

"Consumer's Behavior and Liquidity Preference," ECONOMETPICA, XX, April, 1952.

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Page 45: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

NORRIS, Ruby Turner

THE THEORY OF CONSUMER'S DEMAND. New Haven: Yale University Press,

2d rev. ed., 1952. Pp. xiv, 237.

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Page 46: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

NORMS, Ruby Turner

THEORY OF CONSUMER'S DEMAND. New Haven: Yale Univers i ty Press ,

2d rev. e d . , 1952.

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Page 47: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

OGBUKN, William F.

"Analysis of the standard of Living of the District of Columbia in 1916," JOUMAL OF THE AMERICAN STATISTICAL ASSOCIATION, Vol. 16, June, 1919, pp. 374-389.

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Page 48: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

PARADISO, L. J. and WINSTON, C.

Consumer expenditure-income patterns, SURVEI OF CURRENT BUSINESS, September, 1955.

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Page 49: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

POLAK, J. J.

Fluctuations in United States consumption, 1919-1932, REVIEW OF ECONOMIC STATISTICS, XXI,

1939, pp. 1-12.

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Page 50: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

ROBBINS, LIONEL

"Consumption and the Trade Cycle" EC. Vol XII, No. 38, November, 1932

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Page 51: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

SCITOVSKY, Tibor de

Capital accumulation, employment and price rigidity, EEVIEW OF ECONOMIC STUDIES, VIII, February, 19U, pp. 69-88.

Consumer behavior"—relation between wealth and consumption

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Page 52: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

SMTVR, Harlan M,

•The savings problem,» in SAVING8 IR THE MODEFK ECONOMY (ed. by W. W. Heller, F. M. Boddy, and C. i . Nelson). Minneapolis, University of Minnesota Press 1953.

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Page 53: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

STAEHLE, Hans

The reaction of consumers to changes in prices and income: a quant i ta t ive study in immigrants1

behavior, ECONOMETRICA, Vol. 2, January, 1934, pp. 59-72.

consumers1 behavior

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Page 54: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

fe»iv«»-

MY^OR Char!** r.

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Page 55: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

TINBERGEN, Jan

Does consunotion l a g behind incomes? REVIEW OF ECONOMIC STATISTICS, XXIV, No. 1 , Feb. 1942, pp. 1-8.

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Page 56: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

¥ALLIS, V. Allen

The temporal stability of consumption pattern, REVIEW OF ECONOMIC STATISTICS, XXIV, November, 1942, pp. 177-183.

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Page 57: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

WRIGHT, David McC.

Professor Metzler and the rate of interest , JOURNAL OF POLITICAL ECONOMY, Vol. LX, No. 3 , June, 1952, pp. 247-49; A Reply by L. A. Metzler, pp. 249-52.

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Page 58: Theory of Consumer Behavior - FRASER...ACKLEY, Gardner and SUITS, Daniel B. Relative price changes and aggregate consumer demand, ^AMERICAN ECONOMIC REVIEW, vol. 40, December, 1950,

Micntit/** /137. PA . -S^S^

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