The Service Flow from Consumption Goods with an Application to Friedman's Permanent Income Hypothesis

K D Patterson

Oxford Economic Papers, 1992, vol. 44, issue 2, 289-305

Abstract: This study is concerned with measuring the service flow of consumption goods. It is argued that simply to aggregate consumers' expenditure on durable goods and nondurable goods is misleading as an indicator of consumption. This idea can be traced back to Friedman's permanent income hypothesis, but little progress seems to have been made on the practical implementation of this distinction. This study reports the calculation of a Divisia index of the service flow of consumer goods for the United Kingdom with an application to the permanent income hypothesis. Copyright 1992 by Royal Economic Society.

Date: 1992
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