Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence
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This paper proposes that the time-series data on consumption, income, and interest rates are best viewed as generated not by a single representative consumer but by two groups of consumers. Half the consumers are forward-looking and consume their permanent income, but are extremely reluctant to
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美国国家经济研究局创建时间：
1989-04-01
