A retrospective on Friedman's theory of permanent income

• 成果类型: Article
• 署名作者: Meghir, C
• 署名单位: University of London; University College London
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2004.00223.x
• 发表日期: 2004
• 页码: F293-F306
• 关键词: life-cycle; consumption growth; hypothesis; expectations; variables; earnings; demand; RISK

摘要

Friedman's book on the consumption function is one of the great works of Economics demonstrating how the interplay between theoretical ideas and data analysis can lead to major policy implications. We present a short review of Friedman's permanent income hypothesis, the origins of the idea and its theoretical foundations. We give a brief over-view of its influence in modern economics and discuss some relevant empirical results and the way they relate to the original approach taken by Friedman.