A Direct Test of the Permanent Income Hypothesis with an Application to the U.S. States
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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Volume (Year): 36 (2004)
Issue (Month): 6 (December)
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