Permanent Income, Liquidity, and Expenditure on Automobiles: Evidence From Panel Data
将永久收入假说的检验方法扩展到耐用消费品，利用汽车支出的面板数据发现没有证据反对该假说，且结果在按家庭流动资产分组的子样本中依然成立。
Several recent papers have tested the permanent income-cum-rational expectations hypothesis using data on nondurable or semidurable consumption. We show how this approach can be extended to the case of durables. An application to panel data on automobile expenditures reveals no evidence against the permanent income hypothesis. This result is unchanged in subsamples segregated by family holdings of liquid assets.