CORPORATE CONSUMPTION: A POSTSCRIPT*

Michael Sumner

Manchester School, 2008, vol. 76, issue 2, 196-203

Abstract: Corporate retentions have a well‐determined effect on consumers’ expenditure, which cannot be explained by an impact of retentions on capital gains and thence on household wealth; on the contrary, increases in retentions are associated with subsequent capital losses. The timing of the relationship between retained profits and expenditure is consistent with direct corporate purchases of on‐the‐job consumption.

Date: 2008
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