The Insensitivity of Consumption to News About Income
用方差界限检验法，在收入有单位根的假设下，检验消费是否对收入新闻过度敏感。结果发现消费比标准永久收入模型预测的更不敏感，且结论稳健。
This paper uses a variance bounds test to see whether consumption is too sensitive to news about income to be consistent with a standard permanent income model, under the maintained hypothesis that income has a unit root. It is found that, if anything, consumption is less sensitive than the model would predict. This implication is robust to the representative consumer having private information about his future income that the econometrician does not have, to wealth shocks, and to transitory consumption. This suggests the importance in future research on the model of allowing for factors that tend to make consumption smooth.