Permanent Income, Liquidity, and Adjustments of Automobile Stocks: Evidence from Panel Data
在Bernanke的理性预期-永久收入假说模型中引入阈值调整过程，利用其使用的部分数据发现，二手车市场不完善和信贷市场约束对汽车支出有重要影响。
A recent article by Bernanke [1984] tests the rational expectations-permanent income hypothesis using panel data on automobile expenditures. He finds no evidence refuting the hypothesis. This paper incorporates a threshold adjustment process into Bernanke's model. Estimations based on a subset of the data used by Bernanke reveal evidence that resale market imperfections and credit market constraints have important effects on automobile expenditures.