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| Topic: |
Business
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| Number of pages / Number of words: |
3 / 804 |
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The reason why the multiplier is always greater than 1 is because it is derived from the following formula. 1/(1-c). As discussed in part (a), we knew that c (marginal propensity to consume) must be a number between 0 and 1, the inverse as you can see will always be greater than 1.
Part (c)
Line graphs of real consumption expenditure against year for the four countries:
The graphs of Australia and USA shows a steady growth of real consumption over time, without any major fluctuations, but looking at Japan and Korea on the other hand they have something in common which is the dramatic decline of consumption expenditure approximately around 1997/1998...
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As it is known, it is the period when the Asian financial crisis occurred and naturally people would tend to save more and spend less in such periods. The reason for this is in times of financial crisis, the level of exogenous consumption is low, as well as marginal propensity to consume, which at the same time the multiplier effects kicks in to drive consumption levels to low levels...
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