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A retrospective on Friedman’s Theory of Permanent Income

Meghir, C.; (2004) A retrospective on Friedman’s Theory of Permanent Income. (IFS Working Papers W04/01). Institute for Fiscal Studies: London, UK. Green open access

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Abstract

Friedman’s book on the “Consumption Function” is one of the great works of Economics demonstrating how the interplay between theoretical ideas and data analysis could lead to major policy implications. We present a short review of Friedman’s Permanent Income Hypothesis, the origins of the idea and its theoretical foundations. We give a brief overview of its influence in modern economics and discuss some relevant empirical results and the way they relate to the original approach taken by Friedman.

Type: Working / discussion paper
Title: A retrospective on Friedman’s Theory of Permanent Income
Open access status: An open access version is available from UCL Discovery
Publisher version: http://dx.doi.org/10.1920/wp.ifs.2004.0401
Language: English
Keywords: JEL classification: B31, D11, H30. Friedman, consumption function, permanent income hypothesis
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/2913
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