search query: @author Shaw, K. / total: 7
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| Author: | Mariger, R. Shaw, K. |
| Title: | Consumption Model Using Panel Data |
| Journal: | Review of Economics and Statistics
1993 : FEB, VOL. 75:1, p. 48-56 |
| Index terms: | TESTS LIFE CYCLES MODELS PANEL DATA |
| Language: | eng |
| Abstract: | Several recent studies have used data on food consumption from the Panel Study of Income Dynamics (PSID) to test the rational expectations life-cycle hypothesis against the alternative of prevalent liquidity constraints. These tests invoke the rational expectations restriction that income forecast errors are independent of lagged information. This restriction, however, applies only in a time-series context. It is possible that unanticipated macroeconomic disturbances cause forecast errors to be correlated with lagged information in a cross-section of families. |
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