Precautionary Saving and the Marginal Propensity to Consume out of Permanent Income
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The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income. Intuition suggests that, knowing this, optimizing agents will fully adjust their spending immediately upon experiencing a permanent shock. However, this paper shows that if consumers are
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美国国家经济研究局创建时间：
2001-04-01
