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Imperfect Information and Consumption in the United States and the United Kingdom

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  • Demery, David
  • Duck, Nigel W

Abstract

Pischke (1995) has argued that imperfect information may account for the failure of Hall's permanent income hypothesis to explain the behaviour of aggregate consumption. We identify the restrictions that Pischke's theory places on the dynamics of aggregate consumption and test them using quarterly data for the United Kingdom and United States. Our results suggest that, while Pischke's model explains some features of the data which the Hall model cannot, it is formally rejected. Copyright 1999 by The London School of Economics and Political Science

Suggested Citation

  • Demery, David & Duck, Nigel W, 1999. "Imperfect Information and Consumption in the United States and the United Kingdom," Economica, London School of Economics and Political Science, vol. 66(263), pages 375-387, August.
    • Handle: RePEc:bla:econom:v:66:y:1999:i:263:p:375-87
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    Cited by:

    1. Demery, David & Duck, Nigel W., 2007. "The theory of rational expectations and the interpretation of macroeconomic data," Journal of Macroeconomics, Elsevier, vol. 29(1), pages 1-18, March.
    2. David Demery & Nigel Duck, 2002. "Optimally Rational Expectations and Macroeconomics," Bristol Economics Discussion Papers 02/533, School of Economics, University of Bristol, UK.

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