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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

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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Bibliographic 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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Cited by:
  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.
  2. Donatella Baiardi & Matteo Manera & Mario Menegatti, 2011. "Consumption and Precautionary Saving: An Empirical Analysis under Both Financial and Environmental Risks," Working Papers 2011.62, Fondazione Eni Enrico Mattei.
  3. 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.
  4. Liping Gao & Hyeongwoo Kim & Yaoqi Zhang, 2013. "Revisiting the Empirical Inconsistency of the Permanent Income Hypothesis: Evidence from Rural China," Auburn Economics Working Paper Series auwp2013-05, Department of Economics, Auburn University.
  5. Fabio Augusto Reis Gomes, 2012. "A Direct test of the permanent income hypothesis: the brazilian case," Brazilian Business Review, Fucape Business School, vol. 9(4), pages 87-102, October.
  6. Amanor-Boadu, Vincent & Zereyesus, Yacob Abrehe & Ross, Kara L., 2009. "Distribution of Local Government Revenue Sources and Citizen Well-Being," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46828, Southern Agricultural Economics Association.

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