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首页> 外文期刊>Macroeconomic dynamics >NONLINEARITY, CYCUCITY, AND PERSISTENCE IN CONSUMPTION AND INCOME RELATIONSHIPS: RESEARCH IN HONOR OF MELVIN J. HINICH
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NONLINEARITY, CYCUCITY, AND PERSISTENCE IN CONSUMPTION AND INCOME RELATIONSHIPS: RESEARCH IN HONOR OF MELVIN J. HINICH

机译：消费，收入关系中的非线性，周期性和持续性：梅尔文·希尼奇的荣誉研究

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摘要

This paper is dedicated to the memory of the great statistician Melvin J. Hinich, with whom we were in contact about this research prior to his untimely death from a tragic fall. We develop a neoclassical growth model with habit formation to exhibit an equilibrium nonlinear relationship between aggregate consumption growth and income growth. We first provide empirical evidence consistent with this relationship both for the United States and France, and we reject the hypothesis of a random walk for consumption. We then estimate this nonlinear relationship. We find for both countries robust evidence of persistence, nonlinearity, and cyclicity in the relationship between consumption and income.
机译：本文致力于纪念伟大的统计学家梅尔文·J·希尼奇（Melvin J. Hinich），在他因悲剧性坠落不幸过世之前，我们与他进行了这项研究的接触。我们建立了具有习惯养成的新古典增长模型，以显示总消费增长与收入增长之间的均衡非线性关系。我们首先为美国和法国提供与这种关系一致的经验证据，然后我们拒绝进行消费随机游走的假设。然后，我们估计这种非线性关系。我们发现这两个国家都有强有力的证据证明消费与收入之间的关系存在持久性，非线性和周期性。

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