Why is Consumption So Smooth?
质疑传统观点，认为永久收入并不比测量收入更平滑，消费平滑的原因在于消费对收入变化的反应存在滞后。
For thirty years it has been accepted that consumption is smooth because permanent income is smoother than measured income. (This paper considers the evidence for the contrary position, that permanent income is in fact less smooth than measured income, so that the smoothness of consumption cannot be straightforwardly explained by permanent income theory.) The paper argues that in postwar U.S. quarterly data, consumption is smooth because it responds with a lag to changes in income.