In the light of Keynes' s absolute income hypothesis of consumption function theory, income has function with consumption, formula is c=a+by, and c represents consumption, a represents the spontaneity consumption with no relation with income ,b represents marginal propensity to consumption , that is the ratio of consumption increment to the income increment, y represents income.

By analyzing two effects of interest-tax shock,under a simple model of general equilibrium dynamics-the increasing marginal propensity to consumption and reducing capital stock-we find the effect of interest-tax shock on steady-state consumption and steady-state income in long-run.

Keynesian diminishing marginal propensity to consumption, permanent income hypothesis, life cycle hypothesis, random walk hypothesis and Mankiw’s λ hypothesis can be explained by this model or, in other words, special cases of this model.

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The direct impact of interest-tax shock is the reduction of interest,so economists commonly argue that inerest-tax shock will reduce saving and encourage consumption and thus increase aggregate demand and outputs.By analyzing two effects of interest-tax shock,under a simple model of general equilibrium dynamics-the increasing marginal propensity to consumption and reducing capital stock-we find the effect of interest-tax shock on steady-state consumption and steady-state income in long-run.Keeping...

The direct impact of interest-tax shock is the reduction of interest,so economists commonly argue that inerest-tax shock will reduce saving and encourage consumption and thus increase aggregate demand and outputs.By analyzing two effects of interest-tax shock,under a simple model of general equilibrium dynamics-the increasing marginal propensity to consumption and reducing capital stock-we find the effect of interest-tax shock on steady-state consumption and steady-state income in long-run.Keeping time preference rate and depreciation rate constant,interest-tax also has the property of Laffer Curve,that is,steady-state consumption and steady-state income increase first and then decrease with the increase of interest-tax rate,reflected in the reversed"U"shape.

this paper analyzes the relationship between consumer credit and economic development based on provincial data in China. Consumer credit affects economic growth through the changes in consumption rate, savings rate and credit allocation. In China, consumer credit caused funds flow from low- income households to mid - and high - income households, reduced the marginal propensity to consumption, and therefore the consumption rate. Rapid expansion of consumer credit may (i) reduce the fund supply in...

this paper analyzes the relationship between consumer credit and economic development based on provincial data in China. Consumer credit affects economic growth through the changes in consumption rate, savings rate and credit allocation. In China, consumer credit caused funds flow from low- income households to mid - and high - income households, reduced the marginal propensity to consumption, and therefore the consumption rate. Rapid expansion of consumer credit may (i) reduce the fund supply in other areas (savings rate reduction), and (ii) crunch out fund supply to SMEs. Over - expansion of consumer credit may reduce the over all economic growth rate. At last the paper brings forward several policy suggestions: Opening up the rural financial markets, and allowing new rural financial institutions. Promulgating a community re - investment law to keep the funds in the rural areas. Promoting interest liberalization over time, while expanding the floating band for the lending rates especially for SMEs and rural areas, and Hastening the establishment of individual credit system.

Monetary policy in China has been gradually strengthened by its Central Bank to control economy in terms of frequency and implication along with the proceeding of economic system reform.Since interest rate is the most important monetary policy tool,the change of it may influence the income and consumption of town residents,and thus marginal propensity.Through exploring the relationship between interest rate and marginal propensity,it is found that there exits two-order autocorrelation in marginal propensity...

Monetary policy in China has been gradually strengthened by its Central Bank to control economy in terms of frequency and implication along with the proceeding of economic system reform.Since interest rate is the most important monetary policy tool,the change of it may influence the income and consumption of town residents,and thus marginal propensity.Through exploring the relationship between interest rate and marginal propensity,it is found that there exits two-order autocorrelation in marginal propensity to consumption of town residents,while interest rate first-order autocorrelation.The operation of interest rate on marginal propensity to consumption is two-phase time lag,little affection of marginal propensity to consumption on interest rate has been found.That indicates that China's interest rate policy is more initiative. In the end,some suggestions on monetary policy has been concluded.