The Excess Smoothness of Consumption: Identification and Interpretation
调和了消费“过度平滑”与“过度敏感”的矛盾，通过假设家庭拥有更多信息，并利用收入和储蓄的自回归推断永久收入创新，实证支持了过度平滑性。
A. S. Deaton's (1987) observation that consumption appears to be 'too smooth' is easily reconciled with the notion that consumption exhibits 'excess sensitivity' to current income. The reconciliation invokes the plausible assumption that households forecast on the basis of a larger information set than the econometrician. The empirical case for excess smoothness is strengthened by showing that the innovations in permanent income can be inferred from an autoregression of income and saving, not only under the permanent income hypothesis but also under the excess sensitivity model. Empirically, parameter restrictions imposed on the bivariate autoregression by the excess sensitivity model are not rejected. Copyright 1993 by The Review of Economic Studies Limited.