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.
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页码：73 / 98
页数：26
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