THE RESPONSE OF CONSUMPTION TO INCOME - A CROSS-COUNTRY INVESTIGATION

被引：262
作者：
CAMPBELL, JY
MANKIW, NG
机构：
[1] NATL BUR ECON RES,CAMBRIDGE,MA 02138
[2] HARVARD UNIV,CAMBRIDGE,MA 02138
来源：
EUROPEAN ECONOMIC REVIEW | 1991年 / 35卷 / 04期
关键词：
D O I：
10.1016/0014-2921(91)90033-F
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In previous work we have argued that aggregate, post-war. United States data on consumption and income are well described by a model in which a fraction of income accrues to individuals who consume their current income rather than their permanent income. This fraction is estimated to be about 50%, indicating a substantial departure from the permanent income hypothesis. In this paper we ask whether the same model fits quarterly data from the United Kingdom over the period 1957-1988 and from Canada, France, Japan, and Sweden over the period 1972-1988. We also explore several generalizations of the basic model. © 1991.
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页码：723 / 757
页数：35
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