11. Economists and consumption theories Aa Aa Complete the table below by indica

Question

11. Economists and consumption theories Aa Aa Complete the table below by indicating which economist would make each statement. Choose each economist only once Economist Statement Keynes Fisher Modigliani Friedman Hall Laibsorn My model was thwarted by Kuznet, who found that the ratio of income to consumption should be constant In my model, consumption should vary primarily on permanent income I believe that behavioral economics should be incorporated in a proper model of consumption In my model, changes in the real interest rate affect consumption over time through saving and borrowing between time periods I added rational expectations to the permanent-income hypothesis model I believed that wealth and income are both factors in smoothing consumption

Explanation / Answer

1. The correct answer is Keynes.

2. The correct answer is Friedman.

3. The correct answer is Laibson.

4. The correct answer is Fisher.

5. The correct answer is Modigliani,

6. The correct answer is Hall.

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