Permanent Income Wealth and Consumption A Critique of the Permanent Income Theory the Life Cycle Hypothesis and Related Theories 1st Edition by Thomas Mayer ISBN 0520337166 9780520337169

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Product details: 

ISBN 10:  0520337166

ISBN 13: 9780520337169

Author:  Thomas Mayer

Permanent Income, Wealth, and Consumption: A Critique of the Permanent Income Theory, the Life Cycle Hypothesis, and Related Theories by Thomas Mayer critically examines major economic theories related to income and consumption behavior. The book challenges the Permanent Income Hypothesis (PIH) and the Life Cycle Hypothesis (LCH), which suggest that individuals plan their consumption based on expected lifetime income rather than current earnings. Mayer scrutinizes the empirical validity of these theories and explores alternative explanations for consumption patterns, considering factors like liquidity constraints, uncertainty, and psychological influences.

Table of contents: 

PART I. PRELIMINARIES
1 INTRODUCTION
2 THE THEORIES

PART II. PREVIOUS TESTS
3 INTRODUCTION
4 FRIEDMAN’S TESTS
5 OTHER PREVIOUS TESTS, I
6 OTHER PREVIOUS TESTS, II
7 INTERNATIONAL TESTS

PART III. TIME SERIES REGRESSIONS
8 INTRODUCTION
9 TIME SERIES CONSUMPTION FUNCTIONS NOT STRESSING WEALTH
10 TIME SERIES CONSUMPTION FUNCTIONS STRESSING WEALTH
11 AGGREGATE TIME SERIES REGRESSIONS

PART IV. PERMANENT INCOME PROXIES
12 INTRODUCTION
13 OCCUPATION AND CONSUMPTION
14 CONSUMPTION AND RACE
15 LOCATION AND CONSUMPTION

PART V. OTHER CROSS-SECTION TESTS
16 INTRODUCTION
17 SOME TESTS WITH FIVE-YEAR BUDGETS
18 LONG-RUN BUDGETS
19 THE DISTRIBUTION OF NET WORTH
20 SUMMARY AND CONCLUSION

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Tags: Thomas Mayer, Permanent Income, Wealth and Consumption, A Critique