Testing the Cross-Section Implications of Friedman's Permanent Income Hypothesis

Joseph DeJuan () and John J. Seater ()

No 4003, Working Papers from University of Waterloo, Department of Economics

Abstract: We use modern household data and econometric methods to conduct some of the original tests of the Permanent Income Hypothesis (PIH) suggested and used by Friedman (1957). The data and methods are superior to those available to Friedman, allowing us to refine Friedman’s tests and perform tests he could not do. The results provide overall but not universal support for PIH.

Date: 2004-01, Revised 2004-01
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Journal Article: Testing the cross-section implications of Friedman's permanent income hypothesis (2007)
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