Testing the Assumptions of the Permanent-Income Model
利用1952年牛津储蓄调查数据，在误差变量框架下估计包含永久和暂时收入的消费行为模型，检验永久收入假说的假设，并分析变量测量误差对估计结果的影响。
Abstract Within the errors-in-variables framework, a model of consumer behavior that includes permanent and transitory income is estimated from the 1952 Oxford Savings Survey data and used to test the assumptions of the permanent-income hypothesis. The analysis is extended to the case in which the variables determining permanent income and the case in which the variables determining transitory income are measured with error. In the former case, the tests of the permanent-income model remain valid, but in the latter case errors in measurement lead to a reduction in the estimate of the marginal propensity to consume out of transitory income.