Testing the Response of Consumption to Income Changes with (Noisy) Panel Data
用面板数据检验理性预期生命周期消费模型，对比凯恩斯模型和不完全资本市场下的生命周期模型，发现凯恩斯模型被拒绝，但无法排除部分家庭受流动性约束的可能，且测量误差影响显著。
This paper tests the rational expectations lifecycle model of consumption against (i) a Keynesian model and (ii) the rational expectations lifecycle model with imperfect capital markets. The tests are based upon the relative responsiveness of consumption to income changes that can be predicted from past information and income changes that cannot be predicted. The tests allow for measurement error in income. The results reject the Keynesian model and generally support the lifecycle model. But the results are not sufficiently precise to rule out the possibility that some households are liquidity constrained. Measurement error has a strong influence on the relationship between consumption and income.