Seasonal Fluctuations and the Life Cycle-Permanent Income Model of Consumption
Bibliographic Data
| ID | 10180906 |
|---|---|
| Authors | Jeffrey A Miron (Harvard University, corresponding author) |
| Year | 1986 |
| Volume | 94 |
| Issue | 6 |
| Pages | 1258-1279 |
| Publication date | 1986-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/261432 |
| OpenAlex | W2016916572 |
| Language | EN |
| Citations received | 3 |
| References cited | 6 |
This paper examines a new possible explanation for the recent rejections of the life cycle-permanent income model of consumption: the treatment of seasonal fluctuations. The paper shows that when the seasonal fluctuations in consumption purchases are included in an analysis of the life cycle-permanent income model, there is no evidence in the aggregate data against the model. The estimates of the parameters of agents' utility functions obtained with seasonally unadjusted data are plausible, and the unadjusted data do not reject the overidentifying restrictions on the model
Aggregate (composite · Business cycle · Consumption (sociology · Consumption function · Econometrics · Economics · Life-cycle hypothesis · Macroeconomics · Permanent income hypothesis · Production (economics · Economic theories and models · Financial Literacy, Pension, Retirement Analysis · Fiscal Policy and Economic Growth
Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models
Large Sample Properties of Generalized Method of Moments Estimators
Theory of the Consumption Function
The Adjustment of Consumption to Changing Expectations About Future Income
A New Approach to Consumer Theory
The Permanent Income Hypothesis
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,08 |
| Citation span | 1990 - 1998 (9) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |