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One important channel through which real interest rates affect aggregate demand is consumer expenditure on durable goods. This paper examines empirically the link between interest rates and consumer durables. Solving for the decision rule relating income and interest rates to consumer demand is an intractable task. This paper avoids this problem by examining the first-order conditions necessary for maximization by the representative consumer. Structural parameters of there presentative utility function are thus recovered. The estimated model suggests that expenditure on consumer durables is far more sensitive to changes in the interest rate than is expenditure on nondurables and services.

Interest rates --- Consumption (Economics) --- Mathematical models.

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Consumption (Economics) --- Quality of Life --- Technology and civilization --- Consumption (Economics). --- Quality of life. --- Technology and civilization. --- Modernité --- Consumerisme --- Culture de masse

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Agricultural laborers --- Agricultural wages --- Consumption (Economics) --- Demographic surveys --- Rural families --- Philippines --- Population --- Mathematical models.

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Collective behavior --- Consumption (Economics) --- Political participation --- Self-interest --- Comportement collectif --- Consommation (Economie politique) --- Participation politique --- Intérêt personnel --- 304 --- sociologie --- Intérêt personnel --- CDL --- 316 --- Comportements politiques --- Systemes de valeurs

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Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.

Microeconomics --- Welfare economics --- Consumption (Economics) --- Demand functions (Economic theory) --- Mathematical models --- economie --- prosperite et bien etre --- modeles economiques --- AA / International- internationaal --- 306.110 --- 339.320 --- 330.580 --- welvaart en welzijn --- economische modellen --- Algemeenheden over indexcijfers. --- Consumptie: algemeenheden. Wet van de vraag in verband met de consumptie. Consumptiebehoefte. Behoeftetheorie. --- Gecontroleerde economie. Geleide economie. Welvaarststaat. Algemeenheden. --- Economic policy --- Economics --- Social policy --- Demand curves (Economic theory) --- Functions, Demand (Economic theory) --- Consumption functions (Economics) --- Algemeenheden over indexcijfers --- Gecontroleerde economie. Geleide economie. Welvaarststaat. Algemeenheden --- Consumptie: algemeenheden. Wet van de vraag in verband met de consumptie. Consumptiebehoefte. Behoeftetheorie --- Business, Economy and Management --- Consumption (Economics) - Mathematical models --- Welfare economics. --- Mathematical models.