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Testing Permanent Income Hypothesis for Fiji

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Author Info
B Bhaskara Rao (University of the South Pacific)

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Abstract

Hall $(1978)$ has stimulated considerable controversy and empirical work on testing the validity of the permanent income hypothesis $(PIH)$. Much of this work is on the developed countries. In the developing countries incomes show larger fluctuations and for the majority opportunities for inter-temporal substitution are limited. This paper uses the extended framework of Campbell and Mankiw (1989) and finds that current consumption is determined by current income for more than two thirds of the consumers in Fiji.

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Paper provided by EconWPA in its series Macroeconomics with number 0511013.

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Date of creation: 11 Nov 2005
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Handle: RePEc:wpa:wuwpma:0511013

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Related research
Keywords: Consumption function Developing countries Fiji Permanent income hypothesis Hall's random walk hypothesis Campbell-Mankiw tests.

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Find related papers by JEL classification:
C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General
C5 - Mathematical and Quantitative Methods - - Econometric Modeling

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References listed on IDEAS
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  1. Attanasio, Orazio P & Weber, Guglielmo, 1993. "Consumption Growth, the Interest Rate and Aggregation," Review of Economic Studies, Blackwell Publishing, vol. 60(3), pages 631-49, July. [Downloadable!] (restricted)
  2. Hansen, Lars Peter & Singleton, Kenneth J, 1996. "Efficient Estimation of Linear Asset-Pricing Models with Moving Average Errors," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(1), pages 53-68, January.
    Other versions:
  3. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December. [Downloadable!] (restricted)
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  4. John Y. Campbell & N. Gregory Mankiw, 1990. "Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence," NBER Working Papers 2924, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Bayoumi, Tamim, 1994. "Consumption, Income, and International Capital Market Integration," CEPR Discussion Papers 1028, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. repec:fth:harver:1435 is not listed on IDEAS
  7. Masao Ogaki & Carmen M. Reinhart, 1998. "Measuring Intertemporal Substitution: The Role of Durable Goods," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 1078-1098, October. [Downloadable!] (restricted)
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  8. Masasaki Fuse, 2004. "Estimating intertemporal substitution in Japan," Applied Economics Letters, Taylor and Francis Journals, vol. 11(4), pages 267-269, March. [Downloadable!] (restricted)
  9. Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 974-1009, October. [Downloadable!] (restricted)
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