Testing the cross-section implications of Friedman's permanent income hypothesis

• 成果类型: Article
• 署名作者: DeJuan, Joseph P.; Seater, John J.
• 署名单位: University of Waterloo; North Carolina State University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.10.019
• 发表日期: 2007
• 页码: 820-849
• 关键词: consumption; permanent income; consumer expenditure survey

摘要

We use modern household data and econometric methods to conduct some of the original tests of the permanent income hypothesis (PIH) suggested and used by Friedman [1957. A Theory of the Consumption Function. Princeton University Press, Princeton]. The data and methods are superior to those available to Friedman, allowing us to refine Friedman's tests and perform tests he could not do. The results provide overall though not universal support for PIH. (c) 2006 Elsevier B.V. All rights reserved.