Stochastic interest rates in the aggregate life cycle/permanent income cum rational expectations model

K. J. Kowalewski

No 8506, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: An estimation of the life cycle/permanent income model with rational expectations that allows for uncertain future interest rates. Results provide ample evidence to reject this form of model during the postwar period.

Keywords: Rational expectations (Economic theory); Consumption (Economics); Income (search for similar items in EconPapers)
Date: 1985
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