07/11/2006

Structural Analysis of Over-Consumption in the U.S.

Susumu Doihara 

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Personal consumption expenditures in the U.S. have been criticized as being excessive relative to disposable personal income. Over-consumption, along with the large fiscal deficit, have fueled America's surging current account deficit, causing global imbalances. To reduce the current account deficit, spending in these sectors must be reined in. We analyze the structure of personal consumption to identify spending patterns and explain why consumption behavior has resulted in a negative saving rate.

Susumu Doihara

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