{"id":"https://openalex.org/W2004759721","doi":"https://doi.org/10.2307/2109680","title":"Is Consumption Too Smooth? Long Memory and the Deaton Paradox","display_name":"Is Consumption Too Smooth? Long Memory and the Deaton Paradox","publication_year":1991,"publication_date":"1991-02-01","ids":{"openalex":"https://openalex.org/W2004759721","doi":"https://doi.org/10.2307/2109680","mag":"2004759721"},"language":"en","primary_location":{"id":"doi:10.2307/2109680","doi":"https://doi.org/10.2307/2109680","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2109680","pdf_url":null,"source":{"id":"https://openalex.org/S180061323","display_name":"The Review of Economics and Statistics","issn_l":"0034-6535","issn":["0034-6535","1530-9142"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Economics and Statistics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5084412348","display_name":"Francis X. Diebold","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Francis X. Diebold","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5031223075","display_name":"Glenn D. Rudebusch","orcid":"https://orcid.org/0000-0003-0989-6184","observed_orcids":["https://orcid.org/0000-0003-0989-6184"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Glenn D. Rudebusch","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":34.2329,"has_fulltext":false,"cited_by_count":124,"citation_normalized_percentile":{"value":0.99622896,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"73","issue":"1","first_page":"1","last_page":"1"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9765999913215637,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9765999913215637,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.004699999932199717,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.003100000089034438,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/permanent-income-hypothesis","display_name":"permanent income hypothesis","score":0.734000027179718},{"id":"https://openalex.org/keywords/long-range-dependence","display_name":"long-range dependence","score":0.824999988079071},{"id":"https://openalex.org/keywords/low-frequency-dynamics","display_name":"low-frequency dynamics","score":0.734000027179718},{"id":"https://openalex.org/keywords/earnings-volatility","display_name":"earnings volatility","score":0.6269999742507935},{"id":"https://openalex.org/keywords/consumption-volatility","display_name":"consumption volatility","score":0.7699999809265137},{"id":"https://openalex.org/keywords/stochastic-representation","display_name":"stochastic representation","score":0.5360000133514404}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6253786683082581},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.6077368259429932},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.388680100440979},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.3718021810054779},{"id":"https://openalex.org/C118084267","wikidata":"https://www.wikidata.org/wiki/Q26110","display_name":"Positive economics","level":1,"score":0.35542723536491394},{"id":"https://openalex.org/C133425853","wikidata":"https://www.wikidata.org/wiki/Q60571","display_name":"Neoclassical economics","level":1,"score":0.3234151601791382},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3222278654575348},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.18179169297218323},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.07132446765899658}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2307/2109680","doi":"https://doi.org/10.2307/2109680","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2109680","pdf_url":null,"source":{"id":"https://openalex.org/S180061323","display_name":"The Review of Economics and Statistics","issn_l":"0034-6535","issn":["0034-6535","1530-9142"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Economics and Statistics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:tpr:restat:v:73:y:1991:i:1:p:1-9","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0034-6535%28199102%2973%3A1%3C1%3AICTSLM%3E2.0.CO%3B2-L&origin=bc","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"No poverty","score":0.7300000190734863,"id":"https://metadata.un.org/sdg/1"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W1493652738","https://openalex.org/W1507358949","https://openalex.org/W1534055083","https://openalex.org/W1973694910","https://openalex.org/W1993226008","https://openalex.org/W2035505185","https://openalex.org/W2038532793","https://openalex.org/W2047260286","https://openalex.org/W2074071292","https://openalex.org/W2079198412","https://openalex.org/W2081845494","https://openalex.org/W2083158139","https://openalex.org/W2130464255","https://openalex.org/W2132151663","https://openalex.org/W3121885944","https://openalex.org/W3123689507","https://openalex.org/W3124175464"],"related_works":["https://openalex.org/W3123140780","https://openalex.org/W7096538081","https://openalex.org/W2053581360","https://openalex.org/W7070460712","https://openalex.org/W7098577262","https://openalex.org/W2107197511","https://openalex.org/W2074071292","https://openalex.org/W2891339765","https://openalex.org/W640988601","https://openalex.org/W2923570084"],"abstract_inverted_index":{"Under":[0],"common":[1],"ARIMA":[2,49],"representations":[3],"of":[4,13,21,42,47,73,78],"income,":[5],"the":[6,11,19,32,45,48,63,69,76],"permanent-income":[7],"hypothesis":[8],"predicts":[9],"that":[10],"volatility":[12,20],"consumption":[14,43],"should":[15],"be":[16],"larger":[17],"than":[18],"unanticipated":[22],"shocks":[23],"to":[24],"income;":[25],"this":[26,38],"prediction":[27],"is":[28,44],"not":[29],"supported":[30],"by":[31,97],"data.":[33],"The":[34],"authors":[35,64],"examine":[36],"whether":[37],"apparent":[39],"excess":[40,92],"smoothness":[41,93],"result":[46],"representation's":[50],"implicit":[51],"restrictions":[52],"on":[53],"low-frequency":[54,80],"dynamics.":[55],"By":[56],"using":[57],"a":[58],"generalized":[59],"long-memory":[60],"stochastic":[61],"representation,":[62],"construct":[65],"confidence":[66],"intervals":[67,83],"for":[68],"long-run":[70],"impulse":[71],"response":[72],"income":[74],"in":[75,90],"absence":[77],"such":[79],"restrictions.":[81],"These":[82],"are":[84],"quite":[85],"wide":[86],"and":[87],"include":[88],"regions":[89],"which":[91],"vanishes.":[94],"Copyright":[95],"1991":[96],"MIT":[98],"Press.":[99]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}