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Economic Perspectives, Vol. 29, 4th, No. 4, November 2005
Consumption-based Macroeconomic Forecasting
Macroeconomics explains the behavior of broad measures of economic activity, such as the total amount of income produced in the economy or the overall average of the prices households pay for the goods and services that they consume. Such aggregates reflect the confluence of many different decisions in product and financial markets: Households decide how much to work and what to spend; businesses commit to capital investment projects; foreigners decide on their demand for U.S. products; and governments determine taxes and spending.
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