Wealth and Wealth Proxies in a Permanent Income Model
构建了一个永久收入模型，比较了基于测量收入模式、流动性资产、金融资产及综合资产的永久收入度量，发现使用资产度量优于收入模式，且货币和风险金融资产对消费解释力显著，储蓄和实物资产则无显著作用。
This paper formulates a permanent income model of consumer expenditures. Through use of this model, measures of permanent income are examined that are alternatively based on (a) measured income patterns, (b) stocks of consumer liquid assets, (c) stocks of consumer financial assets, and (d) stocks of consumer real and financial assets. Using assets in permanent income measures is found to improve upon using measured income patterns in explaining consumer expenditure. Consumer assets are further found not to be treated as one homogeneous stock by consumers. Money and risky financial assets contribute significantly to explaining consumer spending, while savings and real assets are of no value. Finally, asset effects on consumption are found to be inelastic but statistically significant.