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Application of consumption function on CR
Poncar, Jaroslav ; Hušek, Roman (advisor) ; Formánek, Tomáš (referee)
Consumer function is a standard instrument of quantitative economic analysis to examine the relationship between consumer expenditure and income or other influencing factors such as liquid assets, interest rates or various demographic and social factors. In this thesis are presented the most frequently used methods in econometric analysis of consumption function. Attention is paid to the hypothesis of absolute income, relative income, life cycle, permanent income, rational expectations and consumption function based on the error correction model. Furthermore, the suitability of individual models for the current economic situation in the Czech Republic is assessed. Subsequently an empirical model of consumption function for the Czech Republic is designed and tested. Furthermore, the estimates of each consumption function model for the period before and after economic crisis of 2008-2009 are performed and compared. Finally, a short-term prediction of the consumption of Czech households is made.
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