A Teoria da Renda Permanente e os Movimentos Estocásticos do Consumo

Abstract

In this paper we present the discussion about the stochastic implications af the Permanent Income Theory. It is shown that consumption must follow a random walk with drift if the theory is true. An empirical investigation of consumption in USA and Canada shows that we can reject the Keynesian Theory and cannot reject the Permanent Income Theory. However, we find that the intertemporal nature of consumption is stronger than predicted by the Permanent Income Theory.