A Reappraisal of Recent Tests of the Permanent Income Hypothesis
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下载链接：
https://www.nber.org/papers/w1687
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资源简介：
Hall (1978) showed that the permanent income hypothesis implies that consumption (1) follows a random walk, and (2) cannot be predicted by past income. Reexamination of Hall's data results in rejection of the random walk hypothesis in favor of the alternative hypothesis of positively autocorrelated
提供机构：
美国国家经济研究局
创建时间：
1985-08-01
