The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.
Permanent Income, Current Income, and Consumption
Abstract
This article reexamines the consistency of the permanent-income hypothesis with aggregate postwar U.S. data. The permanent-income hypothesis is nested within a more general model in which a fraction of income accrues to individuals who consume their current income rather than their permanent income. This fraction is estimated to be about 50%, indicating a substantial departure from the permanent-income hypothesis. Our results cannot be easily explained by time aggregation or small-sample bias, by changes in the real interest rate, or by nonseparabilities in the utility function of consumers.
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Cites
Co-integration and error correction: representation, estimation and testing
Engle, R. F., & Granger, C. W. J. (1987) · Econometrica · doi:10.2307/1913236 · Cited by 32,007
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence
Hall, R. E. (1978) · Journal of Political Economy · doi:10.1086/260724 · Cited by 3,573
Davidson, J. E. H., Hendry, D. F., Srba, F., & Yeo, S. (1978) · The Economic Journal · doi:10.2307/2231972 · Cited by 1,628
Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns
Hansen, L. P., & Singleton, K. J. (1983) · Journal of Political Economy · doi:10.1086/261141 · Cited by 1,547
Intertemporal Substitution in Consumption
Hall, R. E. (1988) · Journal of Political Economy · doi:10.1086/261539 · Cited by 1,528
The Adjustment of Consumption to Changing Expectations About Future Income
Flavin, M. A. (1981) · Journal of Political Economy · doi:10.1086/261016 · Cited by 1,322
NBER macroeconomics annual 1987
(1989) · Journal of Macroeconomics · doi:10.1016/0164-0704(89)90056-6 · Cited by 917
The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households
Hall, R. E., & Mishkin, F. S. (1982) · Econometrica · doi:10.2307/1912638 · Cited by 731
Campbell, J., & Deaton, A. (1989) · The Review of Economic Studies · doi:10.2307/2297552 · Cited by 581
Self-citation
Cited by
Gross, D. B., & Souleles, N. S. (2002) · The Quarterly Journal of Economics · doi:10.1162/003355302753399472 · Cited by 867
Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox
Stevenson, B., & Wolfers, J. (2008) · Brookings Papers on Economic Activity · doi:10.1353/eca.0.0001 · Cited by 545
Taylor, A. M. (2001) · Econometrica · doi:10.1111/1468-0262.00199 · Cited by 538
Consumption Growth, the Interest Rate and Aggregation
Attanasio, O. P., & Weber, G. (1993) · The Review of Economic Studies · doi:10.2307/2298128 · Cited by 527
Havranek, T., & Sokolova, A. (2020) · Review of Economic Dynamics · doi:10.1016/j.red.2019.05.004 · Cited by 141
Metadata
- Authors
- Campbell, J. Y., & Mankiw, N. G.
- Venue
- Journal of Business & Economic Statistics
- Publisher
- Informa UK Limited
- Published
- 1990-07
- Volume
- 8
- Issue
- 3
- Pages
- 265-279
- ISSN
- 0735-0015 (ISSN-L)
- 1537-2707
- OpenAlex
- W2891757863
- Cited by
- 389
- References
- 28
- FWCI
- 26.62
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
