Aggregate demand for culture in Mexico: propensity to consume and interest rates of cultural enterprises
Journal Title: Revista CEA - Year 2019, Vol 5, Issue 10
Abstract
This work is a macroeconomic exercise based on information in the Mexican Culture Satellite Account published by the National Institute of Statistics and Geography. Its objective is to determine an aggregate demand model of the cultural sector in Mexico based on calculations of its marginal propensity to consume and interest rates. Traditional macroeconomic literature was considered to reduce the autonomous spending of the sector and, therefore, the curve of cultural assets. The presence of the curve of the money market was also taken into account to achieve such objective. Ordinary Least Squares (OLS) was used and, in presence of heteroscedasticity, Weighted Least Squares (WLS) was implemented. In conclusion, average Mexicans do not spend more than 5.3% of their income in cultural goods, and creative industries, because of their conditions, require interest rates well below those of the general financial market.
Authors and Affiliations
Pablo Sigfrido Corte-Cruz
Keywords
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