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A Direct Test of the Permanent Income Hypothesis with an Application to the U.S. States

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Author Info
Dejuan, Joseph P
Seater, John J
Wirjanto, Tony S

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Abstract

This paper tests the prediction of the permanent income hypothesis (PIH) that news about future income induce a revision in consumption equal to the revision in permanent income. We use time-series data from 48 contiguous U.S. states to perform the test. The empirical results provide some support for the PIH across states.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 36 (2004)
Issue (Month): 6 (December)
Pages: 1091-1103
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Handle: RePEc:mcb:jmoncb:v:36:y:2004:i:6:p:1091-1103

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Ryan R. Brady, 2006. "Structural Breaks and Consumer Credit: Is Consumption Smoothing Finally a Reality?," Departmental Working Papers 13, United States Naval Academy Department of Economics. [Downloadable!]
  2. Joseph DeJuan & John Seater & Tony Wirjanto, 2006. "Testing the permanent-income hypothesis: new evidence from West-German states (Länder)," Empirical Economics, Springer, vol. 31(3), pages 613-629, September. [Downloadable!] (restricted)
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This page was last updated on 2008-9-4.

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