Permanent Income, Current Income, and Consumption
检验了永久收入假说与美国战后总体数据的一致性，估计约有50%的收入由消费当前收入的个体获得，表明该假说存在显著偏离。
This article reexamines the consistency of the permanent-income hypothesis with aggregate postwar U.S. data. The permanent-income hypothesis is nested within a more general model in which a fraction of income accrues to individuals who consume their current income rather than their permanent income. This fraction is estimated to be about 50%, indicating a substantial departure from the permanent-income hypothesis. Our results cannot be easily explained by time aggregation or small-sample bias, by changes in the real interest rate, or by nonseparabilities in the utility function of consumers.