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Permanent Income, Liquidity, and Adjustments of Automobile Stocks: Evidence from Panel Data

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  • Lam, Pok-Sang
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    Abstract

    A recent article by Ben Bernanke (1984) tests the rational expectations-permanent income hypothesis using panel data on automobile expenditures. He finds no evidence refuting the hypothesis. This paper incorporates a threshold adjustment process into Bernanke's model. Estimations based on a subset of the data used by Bernanke reveal evidence that resale market imperfections and credit market constraints have important effects on automobile expenditures. Copyright 1991, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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    Bibliographic Info

    Article provided by MIT Press in its journal Quarterly Journal of Economics.

    Volume (Year): 106 (1991)
    Issue (Month): 1 (February)
    Pages: 203-30

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    Handle: RePEc:tpr:qjecon:v:106:y:1991:i:1:p:203-30

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00335533

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    Cited by:
    1. Daria Taglioni & Veronika Zavacka, 2012. "Innocent bystanders: How foreign uncertainty shocks harm exporters," Working Papers 149, European Bank for Reconstruction and Development, Office of the Chief Economist.
    2. Nicholas S. Souleles, . "Household Securities Purchases, Transactions Costs, and Hedging Motives," Rodney L. White Center for Financial Research Working Papers 24-99, Wharton School Rodney L. White Center for Financial Research.
    3. Zhou, Jingkui, 2013. "Uncertainty, inequality and consumption preferences in urban China," Economic Modelling, Elsevier, vol. 31(C), pages 308-322.
    4. Luo, Yulei & Nie, Jun & Young, Eric, 2014. "Slow Information Diffusion and the Inertial Behavior of Durable Consumption," MPRA Paper 54089, University Library of Munich, Germany.
    5. Giuseppe Bertola & Luigi Guiso & Luigi Pistaferri, 2005. "Uncertainty and Consumer Durables Adjustment," Review of Economic Studies, Oxford University Press, vol. 72(4), pages 973-1007.
    6. Lastrapes, William D. & Potts, Todd B., 2006. "Durable goods and the forward-looking theory of consumption: Estimates implied by the dynamic effects of money," Journal of Economic Dynamics and Control, Elsevier, vol. 30(8), pages 1409-1430, August.
    7. Koeniger, Winfried, 2002. "The Dynamics of Market Insurance, Insurable Assets, and Wealth Accumulation," IZA Discussion Papers 615, Institute for the Study of Labor (IZA).

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