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This paper sheds new light on the interactions between business cycles and the consumption distribution. We use Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that our approach is able to closely match...
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theory of effective demand. Taking Schumpeter's views on economic development as a starting point, the author proposes an … examines the role of demand with respect to the theory of structural change and the theory of consumption at both the micro and …
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