The Measurement of Permanent Income and Its Application to Savings Behavior
利用面板数据构建两种永久收入测量方法，发现储蓄与永久收入呈非线性关系，并成功应用于印度农户数据，表明发展中国家收入再分配政策可能减少家庭储蓄供给。
A unique feature of this study is its use of panel data to construct two measures of permanent income: An earnings function with unobserved individual differences suggests one measure, while a weighted average of past incomes yields another. These measures reject the accepted theories of savings behavior and suggest a nonlinear relationship between savings and permanent income. A new function incorporating this nonlinearity is successfully applied to the data for Indian farm households. The occurrence of this nonlinearity suggests that income redistribution policies in the less developed countries are likely to result in a reduced supply of household savings.