Modern Approaches to Modeling the Function of Household Consumption on Microeconomic Data

As part of the presented literature review, foreign and Russian experience in using microeconomic data to model the household consumption function using various types of models for the US, EU and Russia, based on the respective types of panel data: PSID, ECHP and RLMS, respectively, is considered. The construction of such models is necessary for the state in connection with the need to achieve a rational level of differentiation of incomes and consumption of the population. Thus, the purpose of the presented work is to analyze the approaches used to assess the level of income of the population based on the use of panel microeconomic data for the US, EU and Russia.

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