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Permanent income hypothesis: An optimal control theory approach to a classical macro thesis |
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| Authors: | Akira Takayama |
| Affiliation: | Southern Illinois University at Carbondale, USA |
| Abstract: | This paper investigates the extent by which the permanent income hypothesis (the normal income and the proportionality hypotheses) can be obtained by the optimal control approach with an explicit recognition of individual's rational behavior over time. |
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