Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/100034
Authors: 
Carroll, Christopher D.
Year of Publication: 
2014
Series/Report no.: 
CFS Working Paper 464
Abstract: 
The Great Recession confirmed a bedrock principle of modern consumption theory: It is impossible to explain aggregate spending behavior without knowledge of the underlying microeconomic distribution of circumstances and choices across households. National accounting frameworks therefore need to be augmented by "bottom up" measures that both (a) capture the microeconomic heterogeneity (in expenditures, income, assets, debt, and beliefs) in the population and (b) sum up to statistics that have a recognizable relationship to the aggregate totals that are already reasonably well measured.
Subjects: 
National Accounting
Inequality
Distribution
JEL: 
D81
Document Type: 
Working Paper

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