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Cited by 270

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Testing the Response of Consumption to Income Changes with (Noisy) Panel Data

Altonji, Joseph G., Siow, Aloysius·1987·The Quarterly Journal of Economics
DOI 10.2307/1885065
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Abstract

This paper tests the rational expectations lifecycle model of consumption against (i) a Keynesian model and (ii) the rational expectations lifecycle model with imperfect capital markets. The tests are based upon the relative responsiveness of consumption to income changes that can be predicted from past information and income changes that cannot be predicted. The tests allow for measurement error in income. The results reject the Keynesian model and generally support the lifecycle model. But the results are not sufficiently precise to rule out the possibility that some households are liquidity constrained. Measurement error has a strong influence on the relationship between consumption and income.

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Metadata

Authors
Altonji, J. G., & Siow, A.
Venue
The Quarterly Journal of Economics
Publisher
Oxford University Press (OUP)
Published
1987-05
Volume
102
Issue
2
Pages
293
ISSN
0033-5533 (ISSN-L)
DOI
10.2307/1885065
OpenAlex
W2173912986
Cited by
270
References
0
FWCI
13.31
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Testing the Response of Consumption to Income Changes with (Noisy) Panel Data. https://app.cochat.ai/papers/10.2307/1885065
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Altonji, J. G., & Siow, A. (1987). Testing the Response of Consumption to Income Changes with (Noisy) Panel Data. The Quarterly Journal of Economics. https://doi.org/10.2307/1885065

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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.