Does the public sector obey the rational expectations—permanent income hypothesis? A multi–country study of the time series properties of government expenditures

1989 ◽  
Vol 21 (9) ◽  
pp. 1257-1266
Author(s):  
Alan E. H. Speight ◽  
Ronald Macdonald
Keyword(s):  
Time Series ◽  
Public Sector ◽  
Rational Expectations ◽  
Permanent Income ◽  
Government Expenditures ◽  
Permanent Income Hypothesis ◽  
The Public ◽  
Country Study

scholarly journals OS MICROFUNDAMENTOS DO CONSUMO: DE KEYNES ATÉ A VERSÃO MODERNA DA TEORIA DA RENDA PERMANENTE

2003 ◽  
Vol 29 ◽  
Author(s):  
Flavia Dias Rangel Oreiro
Keyword(s):  
Life Cycle ◽  
Rational Expectations ◽  
Function Theory ◽  
Permanent Income ◽  
Permanent Income Hypothesis ◽  
Consumption Function ◽  
John Maynard Keynes ◽  
Aggregate Consumption ◽  
Milton Friedman ◽  
Consumption Decision

Este artigo pretende analisar a evolução recente das teorias de consumo, enfatizando os micro-fundamentos do consumo, desde Keynes (1936) até a versão moderna da teoria da renda permanente de Hall- Flavin (1978-1981), bem como inserir o comportamento do consumidor numa ótica intertemporal. Nesse contexto, são discutidas: a teoria de consumo de John Maynard Keynes (1936); os fatos estilizados de Simon Kuznets (1940); a contribuição de Irving Fisher à teoria de consumo ao propor o modelo intertemporal básico de comportamento do consumidor; a teoria da renda permanente de Milton Friedman (1957) e a teoria do ciclo da vida de Franco Modigliani (1963), as quais se baseiam no arcabouço teórico de Fisher para explicar o “enigma do consumo”; e finalmente, a chamada “versão moderna da teoria da renda permanente” de Hall - Flavin (1978-81), que aplica o método de expectativas racionais aos modelos ciclo-da vida/ renda permanente. Abstract The objective of the present article is to analyze the recent evolution of the theories of the consumption function, with a special emphasis over the micro foundations of the consumption decision, since Keynes (1936) until the modern version of the permanent income hypothesis of Hall and Flavin (1978-1981). In this setting we will discuss the following issues: the consumption function theory of John Maynard Keynes, the stylized facts of Kusnets, the Irving Fisher contribution to the consumption function theory by his proposal of an intertemporal framework to analyze consumer behavior; Milton Friedman´s theory of permanent income and Modigliani´s life-cycle hypothesis. All these theories are based upon Irving Fisher framework to explain the “consumption enigma”. Finally we will analyze the Hall-Flavin version of the permanent income hypothesis, which applies the rational expectations method to the models of aggregate consumption based on the life-cycle/permanent income hypothesis.

On testing the permanent income hypothesis and rational expectations

1987 ◽  
Vol 12 (3) ◽  
pp. 137-156
Author(s):  
E. Dor ◽  
T. Thurston ◽  
D. Weiserbs
Keyword(s):  
Rational Expectations ◽  
Permanent Income ◽  
Permanent Income Hypothesis
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