Farmers' Marginal Propensity to Consume: An Application to Illinois Grain Farms
基于1979-1986年18个伊利诺伊州农场的样本，估计短期和长期边际消费倾向分别为0.007-0.020和0.143-0.381，发现生命周期假说模型解释力最强。
Abstract The marginal propensity to consume (MPC) for a sample of eighteen Illinois farms over the 1979–86 period is determined. Four consumption models were estimated using disposable household income plus depreciation as the measure of income. Estimated short‐run MPCs ranged from 0.007 to 0.020, while long‐run MPCs varied between 0.143 to 0.381. These results indicate farm family consumption responded little to changes in income and that the life cycle hypothesis model explains consumption significantly better than the other models. Robustness of the results is demonstrated using a larger sample of farms for 1986…87.