000			02159cam a22003137 4500
001			w1305
003			NBER
005			20211020115247.0
006			m o d
007			cr cnu||||||||
008			210910s1984 mau fo 000 0 eng d
100	1		_aHayashi, Fumio. _912525
245	1	4	_aThe Permanent Income Hypothesis and Consumption Durability: _bAnalysis Based on Japanese Panel Data / _cFumio Hayashi.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1984.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w1305
500			_aMarch 1984.
520	3		_aThe permanent income hypothesis is tested on a four-quarter panel of about two thousand Japanese households for ten commodity groups. Consumption is a distributed lag function of expenditures, and the utility function is additively separable in time. Durability is defined as the persistence of the distributed lag. The permanent income hypothesis implies that, for each commodity group, expected change in expenditures is correlated neither with past expenditure changes on other commodities nor with expected change indisposable income, if its own lags are controlled for. The main results are the following: (1) durability is substantial even for food and services, (2)the permanent income hypothesis applies to almost all (probably more than ninety percent) of the population, and (3) the habit persistence hypothesis is rejected in favor of the permanent income hypothesis.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w1305.
856	4	0	_uhttps://www.nber.org/papers/w1305
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w1305
942			_2ddc _cW-PAPER
999			_c347267 _d305829