The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.
The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables
Abstract
The permanent income hypothesis with rational expectation is restated, estimated, and tested by an instrumental variables technique on the postwar U.S. aggregate time-series data. The hypothesis is accepted on a consumption series which includes service flows from consumer durables. If the consumption series is the one in the National Income and Product Accounts, the hypothesis is decisively rejected. An explanation is suggested to reconcile the conflicting test results.
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Cites
Large Sample Properties of Generalized Method of Moments Estimators
Hansen, L. P. (1982) · Econometrica · doi:10.2307/1912775 · Cited by 13,467
Are Government Bonds Net Wealth?
Barro, R. J. (1974) · Journal of Political Economy · doi:10.1086/260266 · Cited by 5,994
Optimum consumption and portfolio rules in a continuous-time model
Merton, R. C. (1971) · Journal of Economic Theory · doi:10.1016/0022-0531(71)90038-x · Cited by 5,958
Rational Expectations and the Theory of Price Movements
Muth, J. F. (1961) · Econometrica · doi:10.2307/1909635 · Cited by 5,594
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
Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models
Hansen, L. P., & Singleton, K. J. (1984) · Econometrica · doi:10.2307/1911486 · Cited by 2,064
Several Tests for Model Specification in the Presence of Alternative Hypotheses
Davidson, R., & MacKinnon, J. G. (1981) · Econometrica · doi:10.2307/1911522 · Cited by 1,747
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
A Theory of the Consumption Function
Johnston, J., & Friedman, M. (1958) · The Review of Economics and Statistics · doi:10.2307/1926352 · Cited by 1,123
The Effect of Uncertainty on Saving Decisions
Sandmo, A. (1970) · The Review of Economic Studies · doi:10.2307/2296725 · Cited by 918
Cited by
Havranek, T., & Sokolova, A. (2020) · Review of Economic Dynamics · doi:10.1016/j.red.2019.05.004 · Cited by 141
Metadata
- Authors
- Hayashi, F.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1982-10
- Volume
- 90
- Issue
- 5
- Pages
- 895-916
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2044238716
- Cited by
- 375
- References
- 15
- FWCI
- 21.84
- Type
- journal article
- Language
- en
- Open access
- closed
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