An extension of Friedman's permanent income model by explicitly allowing for the distinction between pure measurement errors and transitory terms in the observed variables allows implementation of valid and direct tests of the permanent income hypothesis (PIH). These tests do not need the measurement error associated with each individual's income per se; rather, only the variance of these errors is necessary. The extended model also makes possible...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1970/06/30
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Журнальная статья
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REP100
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1
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1
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2010/07/01
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Measurement errors and the permanent income hypothesis : evidence from rural India
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consumption