LIQUIDITY CONSTRAINTS AND THE PERMANENT-INCOME HYPOTHESIS - EVIDENCE FROM PANEL DATA

被引：162

作者：

RUNKLE, DE ^{[1
]}

机构：

[1] UNIV MINNESOTA,MINNEAPOLIS,MN 55455

来源：

JOURNAL OF MONETARY ECONOMICS | 1991年 / 27卷 / 01期

关键词：

D O I：

10.1016/0304-3932(91)90005-9

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Several recent studies have rejected the permanent-income hypothesis using aggregate time-series data. One explanation for this rejection is that some households are liquidity-constrained. This study directly tests for liquidity constraints using panel data on individual households. It finds no evidence of liquidity constraints and suggests that the failure of the permanent-income hypothesis in aggregate data may be due to aggregation bias. The paper also contains an extended discussion of econometric methods for panel-data rational-expectations models. © 1991.

引用

页码：73 / 98

页数：26

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