Construct · 1 fields · 1 citations

permanent income hypothesis: a standalone construct

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Macroeconomics

the view that consumption depends on long-run expected income, implying consumption follows roughly a random walk.

In macroeconomics, permanent income hypothesis refers to the view that consumption depends on long-run expected income, implying consumption follows roughly a random walk. This meaning comes from Hall (1978) in Journal of Political Economy.[1]

Unit
Recovery means
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Nearby constructs

consumption3 fields · 5 citationsjingle · one word, three constructs excess sensitivity of consumption1 fields · 1 citationsanchor · a standalone construct excess smoothness1 fields · 1 citationsanchor · a standalone construct

References

Hall, R. E. (1978). Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence. Journal of Political Economy, 86(6), 971-987. https://doi.org/10.1086/260724

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