Further evidence from aggregate data on the life-cycle-permanent-income model

被引：6

作者：

Malley, Jim ^{[1
]}

Molana, Hassan

机构：

[1] Univ Stirling, Dept Econ, Stirling FK9 4LA, Scotland

[2] Univ Dundee, Dundee DD1 4HN, Scotland

来源：

EMPIRICAL ECONOMICS | 2006年 / 31卷 / 04期

关键词：

permanent-income; excess sensitivity; excess smoothness; habit formation; precautionary saving; Kalman filter;

D O I：

10.1007/s00181-006-0066-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We estimate the path of aggregate consumption implied by the permanent income hypothesis by allowing for parameter variation dictated by the theory. Our evidence, obtained by applying the Kalman filter to U.S. data for 1929-2001, supports the proposed generalisation and the fluctuations in the parameter estimates comply with a priori theoretical expectations.

引用

页码：1025 / 1041

页数：17

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