References
- Akekere, J., & Yousuo, P. O. J. (2012). Empirical analysis of change in income on private consumption expenditure in Nigeria from 1981-2010. International Journal of Academic Research in Business and Social Sciences, 2(11), 321–331.
- Altonji, J. G., & Siow, A. (1987). Testing the response of consumption to income changes with noisy panel data. Quarterly Journal of Economics, 102, 293–10. doi:10.2307/1885065
- Altunc, Ö. F., & Aydin, C. (2014). An estimation of the consumption function under the permanent income hypothesis: The case of D-8 countries. Journal of Economic Cooperation and Development, 35(3), 29–42.
- Apere, T. (2014). Private consumption expenditure function in Nigeria: Evidence from the Keyness’ absolute income hypothesis. International Journal of Research in Social Sciences, 4(3), 53–58.
- Apergis, N., Varelas, E., & Velentzas, K. (2000). Money supply, consumption and deregulation: The case of Greece. Applied Economics Letters, 7(6), 385–390. doi:10.1080/135048500351320
- Campbell, J., & Mankiw, N. (1990). Permanent income, current income and consumption. Journal of Business and Economic Statistics, 8, 265–279.
- Cheung, Y., & Lai, K. S. (1993). Finite-sample sizes of Johansen’s likelihood ratio test for cointegration. Oxford Bulletin of Economics and Statistics, 55(3), 313–328. doi:10.1111/j.1468-0084.1993.mp55003003.x
- Drakos, K. (2002). Myopia, liquidity constraints, and aggregate consumption: The case of Greece. Journal of Economic Development, 27(1), 97–105.
- Engle, R. F., & Granger, C. W. J. (1987). Cointegration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251–276. doi:10.2307/1913236
- Flavin, M. (1985). Excess sensitivity of consumption to current income: Liquidity constraints or myopia. Canadian Journal of Economics, 18, 136–177. doi:10.2307/135117
- Friedman, M. (1957). A theory of the consumption function. Princeton, NJ: Princeton University Press.
- Gomes, F. A. R., & Paz, L. S. (2010). Consumption in South America: Myopia or liquidity constraints? Economia Aplicada. 14(2), 129–145. doi:10.1590/S1413-80502010000200001
- Hall, R. E. (1978). Stochastic implications of the life cycle-permanent income hypothesis: Theory and evidence. Journal of Political Economy, 86, 971–987. doi:10.1086/260724
- Inder, B. (1993). Estimating long-run relationships in economics: A comparison of different approaches. Journal of Econometrics, 57(1–3), 53–68. doi:10.1016/0304-4076(93)90058-D
- Jappelli, T., & Pagano, M. (1989). Consumption and capital market imperfections: An international comparison. American Economic Review, 79, 1088–1105.
- Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in gaussian vector autoregressive models. Econometrica, 59, 1551–1580. doi:10.2307/2938278
- Keynes, J. M. (1936). The general theory of employment, interest and money. London: Palgrave Macmillan.
- Khalid, A. M. (1994). Empirical test of the rational expectation and permanent income hypothesis: Evidence from Pakistan. The Pakistan Development Review, 33, 1043–1053. doi:10.30541/v33i4IIpp.1043-1053
- Khalid, K., & Mohammed, N. (2011). Permanent income hypothesis, myopia and liquidity constraints: A case study of Pakistan. Pakistan Journal of Social Sciences, 31(2), 299–307.
- Kwiatkowski, D., Phillips, P. C. B., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root. Journal of Econometrics, 54(1–3), 159–178. doi:10.1016/0304-4076(92)90104-Y
- Lucas, R. E. (1976). Econometric policy evaluation: A critique. In Carnegie-Rochester Conferences on Public Policy, 1, 19–46. doi:10.1016/S0167-2231(76)80003-6
- Lunfang, D., Khan, K., Khan, I., & Khan, N. H. (2018). Testing the empirical validity of permanent income hypothesis and absolute income hypothesis for China. The Empirical Economics Letters, 17(4), 453–460.
- Manitsaris, A. (2006). Estimating the european union consumption function under the permanent income hypothesis. International Research Journal of Finance and Economics, 2(3), 1450–2887.
- Modigliani, F., & Brumberg, R. H. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. In K. K. Kurhira (Ed.), Post-Keynesian economics (pp. 388–436). New York, NY: Rutgers University Press.
- Nwala, K. (2010). Does permanent income hypothesis hold for some selected African countries? African Journal of Business and Economic Research, 5(2–3), 27–43.
- Ofwona, A. C. (2013). An estimation of the consumption function for Kenya using Keynes’ absolute income hypothesis for the period 1992-2011. Journal of Emerging Trends in Economics and Management Sciences, 4, 103–105.
- Osei-Fosu, A. K., Butu, M. M., & Osei-Fosu, A. K. (2014). Does ghanaian’s consumption function follow the permanent income hypothesis? The Cagan’s adaptive expectation approach. Africa Development and Resources Research Institute (ADRRI) Journal, 4(2), 133–148.
- Paleologos, J., & Georgantelis, S. (1992). The rational expectations approach to the study of consumption-income dynamics: The case of Greece 1983-1988. Rivista Internationale di Scienze Economiche e Commerciali, 39, 485–498.
- Paz, L. (2006). Consumption in Brazil: Myopia or liquidity constraints: A simple test using quarterly data. Applied Economic Letters, 12, 961–964. doi:10.1080/13504850500425931
- Pesaran, H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. doi:10.1002/(ISSN)1099-1255
- Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in a time series regression. Biometrika, 75(2), 335–346. doi:10.1093/biomet/75.2.335
- Runkle, D. (1991). Liquidity constraints and the permanent income hypothesis. Journal of Monetary Economics, 27, 73–98. doi:10.1016/0304-3932(91)90005-9
- Shea, J. (1995). Myopia, liquidity constraints, and aggregate consumption: A simple test. Journal of Money, Credit and Banking, 27, 798–805. doi:10.2307/2077751
- Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014). Modeling asymmetric cointegration and dynamic multipliers in a nonlinear ARDLframework. In W. C. Horrace and R. C. Sickles (Eds.), Festschrift in Honor of Peter Schmidt: Econometric methods and applications (pp. 281–314). New York, NY: Springer Science & Business Media. doi:10.1007/978-1-4899-8008-3_9
- Zeldes, S. P. (1989). Consumption and liquidity constraints: An empirical investigation. Journal of Political Economy, 97(2), 305–346. doi:10.1086/261605