An Empirical Investigation Into The Permanent Income Hypothesis PDF Download
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Author: Tony S. Wirjanto Publisher: ISBN: Category : Languages : en Pages :
Book Description
Various empirical specifications of the permanent income model are investigated using Canadian aggregate data. Tests for structural changes with known and unknown change point are applied to the models estimated by the generalized method of moments. The proportion of current income individuals is estimated significantly in the range of 0.26 -0.29, while the estimates of the intertemporal elasticity of substitution fall in the range of 0.06-0.08 and are statistically significant. Current income consumers appear to respond to labour income with a fraction of lag, and this fraction is significantly estimated at about 0.85. Lastly there appears to be a decline in liquidity constraints that reflects the financial deregulation in the 1980s. However there is no strong evidence to suggest a substantial long-term decline in the importance of liquidity constraints.
Author: Tony S. Wirjanto Publisher: ISBN: Category : Languages : en Pages :
Book Description
Various empirical specifications of the permanent income model are investigated using Canadian aggregate data. Tests for structural changes with known and unknown change point are applied to the models estimated by the generalized method of moments. The proportion of current income individuals is estimated significantly in the range of 0.26 -0.29, while the estimates of the intertemporal elasticity of substitution fall in the range of 0.06-0.08 and are statistically significant. Current income consumers appear to respond to labour income with a fraction of lag, and this fraction is significantly estimated at about 0.85. Lastly there appears to be a decline in liquidity constraints that reflects the financial deregulation in the 1980s. However there is no strong evidence to suggest a substantial long-term decline in the importance of liquidity constraints.
Author: Milton Friedman Publisher: Courier Dover Publications ISBN: 0486841812 Category : Business & Economics Languages : en Pages : 259
Book Description
This thought-provoking and influential book by a distinguished economist examines whether consumption behavior can be defined in a way that's supported by empirical evidence and useful for research and planning.
Author: Milton Friedman Publisher: Princeton University Press ISBN: 0691188483 Category : Business & Economics Languages : en Pages : 260
Book Description
What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished American economist presents a new theory of the consumption function, tests it against extensive statistical J material and suggests some of its significant implications. Central to the new theory is its sharp distinction between two concepts of income, measured income, or that which is recorded for a particular period, and permanent income, a longer-period concept in terms of which consumers decide how much to spend and how much to save. Milton Friedman suggests that the total amount spent on consumption is on the average the same fraction of permanent income, regardless of the size of permanent income. The magnitude of the fraction depends on variables such as interest rate, degree of uncertainty relating to occupation, ratio of wealth to income, family size, and so on. The hypothesis is shown to be consistent with budget studies and time series data, and some of its far-reaching implications are explored in the final chapter.
Author: Tony S. Wirjanto
Author: Tony S. Wirjanto
Author: 
Author: Benoît Perron
Author: Milton Friedman
Author: Lian Siang Lee
Author: Annamaria Lusardi
Author: Malcolm Murray Jones
Author: Milton Friedman
Author: Lennart Berg
Author: Milton Friedman