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Published in:
2009 | OriginalPaper | Chapter
Consumption and Income: A Spectral Analysis
Author : D.S.G. Pollock
Published in: Statistical Inference, Econometric Analysis and Matrix Algebra
Publisher: Physica-Verlag HD
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The relationship between aggregate income and consumption in the United Kingdom is analysed anew. This entails a close examination of the structure of the data, using a variety of spectral methods that depend on the concepts of Fourier analysis. It is found that fluctuations in the rate of growth of consumption tend to precede similar fluctuations in income, which contradicts a common supposition. The difficulty is emphasised of uncovering from the aggregate data a structural equation representing the behaviour of consumers.