A Direct test of the permanent income hypothesis: the brazilian case

JELE (Journal Of English Language and Education)

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Title A Direct test of the permanent income hypothesis: the brazilian case
Um teste direto da teoria de renda permanente: o caso brasileiro
Creator Gomes, Fábio Augusto Reis
Description This paper aims to analyze whether the permanent income hypothesis (PIH) can explain the evolution of consumption in Brazil using a direct test based on consumption revisions induced by income innovations. Under PIH, consumption should react to income changes inasmuch as current income has information about the permanent income. To measure this connection, an ARIMA(p,1,q) model was estimated for current income and, as a result, it was possible to check if revisions in consumption and permanent income are similar. At the end, the PIH was rejected.
O presente artigo busca averiguar se a teoria da renda permanente (TRP) é capaz de explicar a evolução do consumo no Brasil através de um teste direto com base em revisões de consumo induzidas por inovações na renda. De acordo com a TRP, o consumo reage às mudanças na renda na medida em que a renda corrente contem informação sobre a renda permanente. Para mensurar esta relação, foi estimado um modelo ARIMA (p,1,q) para a renda corrente e, como resultado, foi possível verificar se as revisões de consumo e renda permanente se assemelham. Por fim, a TRP foi rejeitada.
Publisher FUCAPE Business Shool
Date 2012-10-01
Type info:eu-repo/semantics/article
Peer-reviewed Article
Artigo revisado pelos pares
Format application/pdf
Identifier http://bbronline.com.br/index.php/bbr/article/view/242
Source Brazilian Business Review; Vol 9 No 4 (2012): October to December 2012; 87-102
Brazilian Business Review; v. 9 n. 4 (2012): Outubro a Dezembro de 2012; 87-102
Language eng
Relation http://bbronline.com.br/index.php/bbr/article/view/242/365

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