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

被引：258

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.

引用

页码：723 / 757

页数：35

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