New evidence on the excess smoothness of consumption

The purpose of this paper is to revisit the evidence on the excess smoothness of consumption within the permanent income model, by using recently available monthly data. Two formulations of the univariate process of personal disposable income are adopted: in the levels and in the log-levels. More th...

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Veröffentlicht in:	The open economics journal 2009-01, Vol.2 (1), p.10-19
1. Verfasser:	Azar, Samih Antoine
Format:	Artikel
Sprache:	eng
Schlagworte:	ARIMA models consumption on on-durables excess smoothness of consumption income innovation permanent income hypothesis revision of expectations US evidence
Online-Zugang:	Volltext
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