A Direct Test of the Permanent Income Hypothesis with an Application to the U.S. States
利用美国48个州的时间序列数据，检验永久收入假说关于未来收入新闻导致消费调整等于永久收入调整的预测，结果提供了部分支持。
This paper tests the prediction of the permanent income hypothesis (PIH) that news about future income induce a revision in consumption equal to the revision in permanent income. We use time-series data from 48 contiguous U.S. states to perform the test. The empirical results provide some support for the PIH across states.