Empirical evidence of the theory of consumption for colombia 2000-2010

Authors

  • Julián Augusto Casas Herrera
  • José Mauricio Gil León

DOI:

https://doi.org/10.19053/01203053.v30.n52.2011.25

Keywords:

Consumption theories, Keynesian function, life cycle, permanent income

Abstract

The paper evaluates the hypothesis of consumption of Keynes, Friedman, Modigliani and Hall, showing its theoretical elements along with the econometric verification of each one for Colombia, with quarterly data from the period 2000 to 2010. The differences that can be obtained in their analysis are shown with their consequent impacts on economic policy. The article concludes that the Keynesian hypothesis is useful for an analysis of economic policy in the short term, while Friedman’s hypothesis, with adaptive expectations, was more consistent in the long run than that of Modigliani and Hall.

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Published

2011-12-05

How to Cite

Herrera, J. A. C., & León, J. M. G. (2011). Empirical evidence of the theory of consumption for colombia 2000-2010. Apuntes Del Cenes, 30(52), 59–86. https://doi.org/10.19053/01203053.v30.n52.2011.25

Issue

Volumen 30 N° 52: julio - diciembre de 2011

Section

Economic theory

License

Copyright (c) 2011 Julián Augusto Casas Herrera, José Mauricio Gil León

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