Skip navigation

Fumio Hayashi

Titles by This Author

Evidence from the United States and Japan


Analysis of consumption and saving decisions by households has always been one of the most active areas of research in economics—and with good reason. Private consumption is the most important component of aggregate demand in a capitalist economy, and explaining consumption is the key element in most macroeconomic forecasting models. To evaluate the effect of government policies invariably requires the knowledge of how they change parameters relevant for household decision making.