POZZI, L.; HEYLEN, F.; DOSSCHE, M. - Faculteit Economie en Bedrijfskunde, Universiteit Gent - 2002
Empirical studies typically find that private consumption is much more sensitive to changes in current disposable income than is predicted by Hall's (JPE, 1978) permanent income hypothesis. Standard explanations for this "excess sensitivity" of private consumption refer to liquidity constraints...