The Consumption Function and the Life-Cycle Hypothesis: An Analysis of Norwegian Household Data
利用挪威1973年家庭截面数据，基于Stone-Geary效用函数的生命周期假说，区分永久和暂时收入，估计消费与收入、财富的关系，并与简单回归结果比较。
The Modigliani-Brumberg life-cycle hypothesis, with a utility function of the StoneGeary form with age-dependent parameters, is used to analyze the relationship between consumption expenditure, income and wealth on the micro level. By utilizing information on the composition of income by source, a distinction is made between permanent and transitory income. The model is estimated from Norwegian cross-section household data from the year 1973. The estimates are compared with simple regression estimates on the same data. Additional results, illustrating the sensitivity of the conclusions with respect to some of the main assumptions, are also reported. The applicability of the results in macroeconomic work is briefly discussed.