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A Direct Test of the Permanent Income Hypothesis with an Application to the US States

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Author Info
Joseph DeJuan (Department of Economics, University of Waterloo)
John Seater (Department of Economics, North Carolin State University)
Tony Wirjanto (Department of Economics, University of Waterloo)

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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 US states to perform the test. The empirical results provide some support for the PIH across states.

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Publisher Info
Paper provided by University of Waterloo, Department of Economics in its series Working Papers with number 03001.

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Date of creation: Jan 2003
Date of revision: Jan 2003
Handle: RePEc:wat:wpaper:03001

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  1. 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)
  2. 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!]
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  3. Amanor-Boadu, Vincent & Zereyesus, Yacob A. & Ross, Kara, 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. [Downloadable!]
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