Measuring Deviations from the Permanent Income Hypothesis
衡量美国战后消费对永久收入假说的偏离程度，发现偏离小于4%，说明该假说在代表性代理人框架下拟合较好，帮助判断模型的经济显著性而非统计显著性。
This paper examines the permanent income hypothesis by measuring the extent to which consumption deviates from it. Measuring deviations enables us to interpret empirical results in terms of economic significance as opposed to statistical significance. Namely, the author examines whether the permanent income hypothesis is a reasonable model rather than whether it is exactly correctly specified. This paper finds that postwar U.S. consumption deviates from the permanent income hypothesis by less than 4 percent, which indicates a reasonably good fit when viewed in a representative agent framework with so many restrictive assumptions. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.