Household Production and the Excess Sensitivity of Consumption to Current Income
通过家庭生产的定量均衡模型，解释为何永久收入消费者仍会表现出消费对可预测收入变化的过度敏感性，为挑战永久收入假说的实证发现提供新解释。
Empirical research on the permanent-income hypothesis (PIH) has found that consumption growth is excessively sensitive to predictable changes in income. This finding is interpreted as strong evidence against the PIH. We propose an explanation for apparent excess sensitivity that is based on a quantitative equilibrium model of household production in which permanent-income consumers respond to shifts in sectoral wages and prices by substituting work effort and consumption across home and market sectors. Although the PIH is true, this mechanism generates apparent excess sensitivity because market consumption responds to predictable income growth..