Budget Constraints and Time-Series Evidence on Consumption
提出一种基于跨期预算约束长期限制的方法，检验消费波动是否小于永久收入假说的预测，并应用于美国战后数据发现消费更平滑。
Is consumption more or less variable than predicted by the permanent-income hypothesis? To answer that question, the author develops a procedure based on a long-run restriction implied by the consumer's intertemporal budget constraints. In contrast to previous work, the approach here (1) does not require any assumptions on the stochastic properties of labor income, (2) does not impose restrictions on the consumer's information set, and (3) is robust to departures from the permanent-income-hypothesis model. The application of the procedure to postwar U.S. data suggests that consumption is smoother than the permanent-income-hypothesis model predicts. Copyright 1991 by American Economic Association.