This book provides an overview of the recent research on saving and consumption, a field in which substantial progress has been made over the last decade.Attempts by economists to understand saving and consumption patterns have generated some of the best science in economics. For more than fifty years, there has been serious empirical and theoretical activity, and data, theory, and policy have never been separated as has happened in many branches of economics. Research has drawn microeconomists interested in household behaviour, (...) as well as macroeconomists, for whom the behaviour of aggregate consumption has always occupied a central role in explaining aggregate fluctuations. Econometricians have also made distinguished contributions, and there has been a steady flow of new methodologies by those working on saving and consumption, in time-series econometrics, as well as in the study of micro and panel data.A coherent account of these developments is presented here, emphasizing the interplay between micro and the macro, between studies of cross-section and panels, and those using aggregate time series data. (shrink)

Edited by Angus Deaton, winner of the 2015 Nobel Memorial Prize in Economic Sciences, this volume features early work on the theory and measurement of consumer behaviour. Featuring contributions from leading economists such as Anthony Atkinson, Nicholas Stern, John Muellbauer and Deaton himself, the book offers papers on a wide range of topics. Topics covered range from theory to econometrics, from Engel curves to labour supply and fertility, and from consumer demand in England to consumer behaviour in the USSR. These (...) papers were written and collected for this volume to honour Sir Richard Stone on the occasion of his retirement from his chair at the University of Cambridge. (shrink)