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Permanent Income, Liquidity, and Adjustments of Automobile Stocks: Evidence From Panel Data

Pok-Sang Lam
The Quarterly Journal of Economics
Vol. 106, No. 1 (Feb., 1991), pp. 203-230
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/2937913
Page Count: 28
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Permanent Income, Liquidity, and Adjustments of Automobile Stocks: Evidence From Panel Data
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Abstract

A recent article by Bernanke [1984] tests the rational expectations-permanent income hypothesis using panel data on automobile expenditures. He finds no evidence refuting the hypothesis. This paper incorporates a threshold adjustment process into Bernanke's model. Estimations based on a subset of the data used by Bernanke reveal evidence that resale market imperfections and credit market constraints have important effects on automobile expenditures.

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