## A Test on Non-linearity in Aggregate Consumption Function: Evidences from Japan, Korea, the Philippines and Pakistan |

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### Contents

REVIEW OF LITERATURES | 12 |

CONCEPTUAL FRAMEWORK | 29 |

ESTIMATION AND HYPOTHESIS TESTING PROCEDURES | 51 |

2 other sections not shown

### Common terms and phrases

aggregate consumption function aggregation problem analysis assume assumption asymptotic average MPC behaviour Box-Cox regression chapter chi-square chi-square distribution constant consumption expenditure curve disposable income distribution of income distribution parameter Economic equation 4.1 error term Expenditure Survey 1985 full employment functional form grid search growth and equity hypothesis of linearity hypothesis tests implies income class income consumption relationship income equality income group income increases income level income redistribution individual consumption function Japan Japanese worker's household Keynes Keynesian level of income likelihood function likelihood ratio test marginal propensity maximum likelihood MPC function nature non-linear equation non-linear estimates normally distributed null hypothesis number of households Number of Sample observed obtained OLS estimates parameter values Permanent Income Hypothesis Philippines and Pakistan propensity to consume relation representative household Republic of Korea responds to income restriction specification suggests t-test Table Thammasat University Theory Thesis Committee transformation parameters utility function variables zero