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• W2891757863 abstract "This article reexamines the consistency of the permanent-income hypothesis with aggregate postwar U.S. data. The permanent-income hypothesis is nested within a more general model in which a fraction of income accrues to individuals who consume their current income rather than their permanent income. This fraction is estimated to be about 50%, indicating a substantial departure from the permanent-income hypothesis. Our results cannot be easily explained by time aggregation or small-sample bias, by changes in the real interest rate, or by nonseparabilities in the utility function of consumers." @default.
• W2891757863 created "2018-09-27" @default.
• W2891757863 creator A5026481307 @default.
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• W2891757863 date "1990-07-01" @default.
• W2891757863 modified "2023-09-30" @default.
• W2891757863 title "Permanent Income, Current Income, and Consumption" @default.
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• W2891757863 doi "https://doi.org/10.1080/07350015.1990.10509798" @default.
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