Consumption Innovations and Income Innovations: The Case of the United Kingdom and Germany
用英国和德国的季度数据做时间序列分析，发现消费对收入创新的调整不是瞬间完成的，且边际消费倾向过大，不符合理性预期-生命周期模型的预测。
The present paper is a time series analysis of the relationship between consumption and income innovations. The empirical findings based on aggregate, seasonally unadjusted quarterly UK and German data suggest that the adjustment of consumption to income innovations is not instantaneous (within a quarter), and that the estimated marginal propensities to consume out of income innovations are too large to be compatible with the predictions of the rational expectations-life cycle model. It is found that the same qualitative results are obtained when the disposable income data for West Germany is disaggregated into labour income, transfer payments and profits (transferred from the business sector to households).