Palumbo, Michael G.; James, John A.; Thomas, Mark - Federal Reserve Board (Board of Governors of the … - 1999
of the twentieth century are consistent with consumption smoothing tendencies in the spirit of the permanent income … components, then we estimate marginal propensities to save out of each component of income. The two methodologies deliver similar … different contemporary household data. Marginal propensities to save out of unexpected income shocks are large relative to …
