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PART SIX

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  1. PART SIX SOURCES OF INSTABILITY IN THE PRIVATE ECONOMY

  2. Chapter 15 Instability in the Private Economy: Consumption Behavior

  3. Figure 15-1 Real Consumer Expenditure and Its Three Components, 1960–2001

  4. Figure 15-2The Relation Between Disposable Income (YD), Consumption Spending (C), and the Ratio of Saving to Income (S/YD) Source for bottom frame: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey: Results from 1986, Washington, D.C., April 1988, Table 2.

  5. Figure 15-3 Ratio of Personal Saving to Disposable Personal Income (S/YD), Averages over Business Cycles, 1898–2001 Sources: 1897-99: Paul David and John Scadding, “Private Savings: Ultrarationality, Aggregation, and ‘Denison’s Law’,” Journal of Political Economy (March/April 1974). 1900-32: Historical Statistics of the United States, Series F 639 and F 9. 1933-2001: National Income and Product Accounts.

  6. Figure 15-4 The Permanent-Income Hypothesis of Consumption and Saving Copyright © 2003 by Pearson Education, Inc.

  7. Figure 15-5The Behavior of Consumption, Saving, and Assets under the Life-Cycle Hypothesis Copyright © 2003 by Pearson Education, Inc.

  8. Figure 15-6 Consumption, Saving, and Assets under the Life-Cycle Hypothesis When There Is an Initial Stock of Assets Copyright © 2003 by Pearson Education, Inc.

  9. International Perspective Why Do Some Countries Save So Much? Copyright © 2003 by Pearson Education, Inc.

  10. Figure 15-7 The Household Saving Rate and the Ratio of the S&P 500 Stock Market Index to Nominal GDP, 1970–2001 Copyright © 2003 by Pearson Education, Inc.

  11. Figure 15-8 Household Saving in the NIPA and Flow of Funds Accounts, 1960–2001 Source: National Income and Product Accounts and Flow of Funds Accounts. Copyright © 2003 by Pearson Education, Inc.

  12. Figure 15-9 FFA and Gains-Inclusive Saving Rates Source: National Income and Product Accounts and Flow of Funds Accounts. Copyright © 2003 by Pearson Education, Inc.