Muellbauer, John - In: Oxford Review of Economic Policy 10 (1994) 2, pp. 1-41
This article aims to illuminate two sets of consumption puzzles. The first concerns the behavior of aggregate saving rates in the 1980s and early 1990s: collapse and rebound in Scandinavia and the U.K., and, apparently, a more secular decline in the U.S. The second set of puzzles concerns...