Permanent and Transitory Movements in Labor Income: An Explanation for "Excess Smoothness" in Consumption

Trends and random walks in macroeconmic time series

1982 • 4,673 citations

Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence

1978 • 3,343 citations

Trends and random walks in macroeconomic time series

1988 • 2,527 citations

A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the ‘business cycle’

1981 • 2,374 citations

Models of business cycles

1987 • 1,593 citations

How Big Is the Random Walk in GNP?

1988 • 1,326 citations

The Adjustment of Consumption to Changing Expectations About Future Income

1981 • 1,326 citations

Optimal Properties of Exponentially Weighted Forecasts

1960 • 888 citations

Univariate detrending methods with stochastic trends

1986 • 873 citations

Models of Business Cycles.

1988 • 858 citations

Are Output Fluctuations Transitory?

1987 • 771 citations

Variable Trends in Economic Time Series

1988 • 675 citations

The Dynamic Effects of Aggregate Demand and Supply Disturbances

1988 • 659 citations

Why is Consumption So Smooth?

1989 • 592 citations

Consumption puzzles and precautionary savings

1990 • 578 citations

Bayesian skepticism on unit root econometrics

1988 • 528 citations

Stationary Random Processes

1968 • 494 citations

The Time Series Consumption Function Revisited

1985 • 416 citations

Two Models of Measurements and the Investment Accelerator

1989 • 392 citations

Optimal Properties of Exponentially Weighted Forecasts

1960 • 272 citations

Life-Cycle Models of Consumption: Is the Evidence Consistent with the Theory?

1986 • 270 citations

The Interaction Between Time-Nonseparable Preferences and Time Aggregation

1993 • 256 citations

The Relative Importance of Permanent and Transitory Components: Identification and Some Theoretical Bounds

1992 • 171 citations

Is Consumption Too Smooth? Long Memory and the Deaton Paradox

1991 • 130 citations

The insensitivity of consumption to news about income

1988 • 100 citations

Formulating and Estimating Dynamic Linear Rational Expectations Models

1979 • 94 citations

The Excess Smoothness of Consumption: Identification and Interpretation

1993 • 87 citations

Exact Linear Rational Expectations Models: Specification and Estimation

1981 • 69 citations

A Reappraisal of Recent Tests of the Permanent Income Hypothesis

1987 • 50 citations

Calculating asset prices in three example economies

2008 • 45 citations

Univariate Detrending Methods with Stochastic Trends

2005 • 34 citations

A Reexamination of Friedman's Consumption Puzzle

1988 • 21 citations

The Permanent Income Hypothesis Revisited

1990 • 20 citations

Why Is Consumption Less Volatile Than Income?

1987 • 20 citations

Variable Trends in Economic Time Series

1991 • 19 citations

The Insensitivity of Consumption to News About Income

1987 • 17 citations

A Reexamination of Friedman's Consumption Puzzle

1988 • 7 citations

12. Is Consumption Too Smooth? Long Memory and the Deaton Paradox

1999 • 6 citations