Testing the cross-section implications of Friedman's permanent income hypothesis
AbstractWe use modern household data and econometric methods to conduct some of the original tests of the Permanent Income Hypothesis (PIH) suggested and used by Friedman (1957). The data and methods are superior to those available to Friedman, allowing us to refine Friedmanâs tests and perform tests he could not do. The results provide overall but not universal support for PIH.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Monetary Economics.
Volume (Year): 54 (2007)
Issue (Month): 3 (April)
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Web page: http://www.elsevier.com/locate/inca/505566
Other versions of this item:
- Joseph DeJuan & John Seater, 2004. "Testing the Cross-Section Implications of Friedman's Permanent Income Hypothesis," Working Papers 04003, University of Waterloo, Department of Economics, revised Jan 2004.
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- Inoue, Atsushi & Rossi, Barbara, 2011.
"Testing for weak identification in possibly nonlinear models,"
Journal of Econometrics,
Elsevier, vol. 161(2), pages 246-261, April.
- Barbara Rossi & Atsushi Inoue, 2010. "Testing for Weak Identification in Possibly Nonlinear Models," Working Papers 10-92, Duke University, Department of Economics.
- Jakob B Madsen & Hui Yao, 2012. "Wealth Effects In Consumption: The Financial Accelerator And Banks’ Willingness To Lend," Monash Economics Working Papers 56-12, Monash University, Department of Economics.
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