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Published online by Cambridge University Press: 07 November 2014
I wish to acknowledge my gratitude to Professor G. A. Elliott and to the Board of Editors of the Journal for their valuable help in the preparation of this note.
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10 The saving curves would diverge if consumption were affected by the interest rate in the same proportion, say 1 per cent for each change of 1 per cent in the rate of interest, at all levels of income.
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17 Ibid., 249 n.
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22 The natural division of a year, and the period of income receipt may, however, affect consumers' actions.
