Permanent Income, Current Income, and Consumption: Evidence From Two Panel Data Sets
持久收入、当期收入与消费：来自两个面板数据集的证据
In this paper, the author estimates Euler equations, i.e., the first order conditions of the consumers' maximization problem, using data from two data sets. Consumption data are taken from the Consumer Expenditure Survey. Income data are taken from the Panel Study of Income Dynamics. Since the data for the estimation come from two samples, the author uses a generalization of the instrumental variables estimator: two-sample instrumental variables estimator. She finds evidence…