A retrospective on Friedman's theory of permanent income

Costas Meghir

No W04/01, IFS Working Papers from Institute for Fiscal Studies

Abstract: Friedman's book on the ?onsumption Function?is one of the great works of Economics demonstrating how the interplay between theoretical ideas and data analysis could lead to major policy implications. We present a short review of Friedman's Permanent Income Hypothesis, the origins of the idea and its theoretical foundations. We give a brief overview of its influence in modern economics and discuss some relevant empirical results and the way they relate to the original approach taken by Friedman.

Keywords: Friedman; consumption function; permanent income hypothesis (search for similar items in EconPapers)
JEL-codes: B31 D11 H30 (search for similar items in EconPapers)
Pages: 27 pp
Date: 2004-01-10
New Economics Papers: this item is included in nep-dge and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30)

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Journal Article: A Retrospective on Friedman's Theory of Permanent Income (2004)
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