The permanent income hypothesis: Evidence from the consumer expenditure survey

• 成果类型: Article
• 署名作者: DeJuan, JP; Seater, JJ
• 署名单位: North Carolina State University; York University - Canada
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(98)00063-4
• 发表日期: 1999
• 页码: 351-376
• 关键词: permanent income hypothesis; consumer expenditure survey

摘要

Consumption Euler relations are estimated with data from the 1986-1991 US Consumer Expenditure Survey without creating a synthetic panel. The stochastic implications of the permanent income hypothesis generally are not rejected, and there is little evidence of liquidity-constrained or rule-of-thumb behavior. The results are robust with respect to consumption category, changes in sample, and choice of instruments. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: D12; E21.