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TESTING THE PERMANENT-INCOME/LIFE-CYCLE HYPOTHESIS WITH AGGREGATE DATA
Published online by Cambridge University Press: 01 September 1998
Abstract
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The aggregate implications of the permanent-income/life-cyclehypothesis (PILCH) are derived rigorously. Virtually all empirical rejectionsof PILCH based on aggregated data are shown to result from misspecificationsor from characteristics of aggregate data that have been overlooked. Valid aggregate tests are proposed. Those based on a properly formulated aggregateconsumption function may be superior to those based onEuler-equation methods.
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- Research Article
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- © 1998 Cambridge University Press
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