interestrate.The second part of the paper is concerned with the time-series representation of disposable income and with it … simplications for the behavior of consumption under the assumptions of the life-cycle model. If real disposable income is truly a … than innovations in income, a prediction that is manifestly false. Various possible resolutions of this problem are …

This paper compares nominal income and monetary targets in a standard aggregate demand - aggregate supply framework. If … the desirability of policies is measured by their effect on the unconditional variance of output, nominal income targeting … the opposite of the condition that in Bean (1984) is sufficient to make nominal income targeting preferable.This points …

Recent empirical studies have found that consumption is more sensitive to current income than the life-cycle, permanent … income hypothesis would predict.The present paper studies a model in which the fraction of consumers exhibiting excess … sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate …

income and economic welfare. Traditional replacement rates are calculated, although a number of shortcomings of such measures … Security income in retirement is a safer source ofincome than earnings earlier in life. The fully adjusted total income …

Disappointing recent growth rates, the emergence of structurally unfavorable income and employment conditions, and …

Food Stamps represent nearly $11 billion of personal income in the United States. The coupons that are issued to … stabilizer (whether they increase consumption more than does ordinary income). The results, based on estimates for 1959 … Money" is included in an Appendix. Estimates of consumption functions indicate that the MPC out of income in the form of …

Using panel data for a sample of households in Utah from 1850 to 1900 we find income and wealth age profiles that are … a relationship between age-income and age-wealth profiles that is consistent with a life-cycle model of consumption … given a concave and peaked age-income profile: households accumulate and then begin to draw down wealth holdings, the age …

height and per capita income. The relationships among income, nutrition, medical care, and height at the individual level … suggest that average height is nonlinearly related to per capita income and that the distribution of income is an important … determinant of average height. Empirical analysis rests on 56 height studies and per capita income estimates for 20 developed or …

income above the 50 percent bracket amount. The current law fails to meet this objective for the vast majority of these …