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A Simple Test of Friedman's Permanent Income Hypothesis

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Author Info
JOSEPH P. DEJUAN
JOHN J. SEATER

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Abstract

Friedman's Permanent Income Hypothesis (PIH) predicts that the income elasticity of consumption should be higher for households for which a large fraction of the variation of their income is permanent than for households facing more transitory variations in income. We test this prediction using modern household data from the US Consumer Expenditure Survey. The results offer some support for the PIH. Copyright (c) The London School of Economics and Political Science 2006.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0335.2006.00446.x
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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 73 (2006)
Issue (Month): 289 (02)
Pages: 27-46
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Handle: RePEc:bla:econom:v:73:y:2006:i:289:p:27-46

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  1. Andreas Knabe & Steffen Rätzel, 2007. "Quantifying the psychological costs of unemployment: the role of permanent income," FEMM Working Papers 07012, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management. [Downloadable!]
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This page was last updated on 2008-10-5.

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