16 20.3.2 傅利德曼的货币需求理论 建立其一般型态的货币需求函数如下： (20.9) Y p ＝恒常所得（permanent income） r b ＝债券的预期报酬率 r e ＝股票的预期报酬率 r m ＝货币的预期报酬率 ) , , ( m e m b p d r r r r Y f P M 17 20...
In consequence, one-time tax rebates (such as those adopted in 1975) do not result in more consumption because they do not alter people's permanentincome.
The economists concluded that, just as theory predicts, most people's consumption varies as permanentincome changes, but barely responds to temporary shocks.
Professor Taylor looks at Friedman's work on the permanentincome hypothesis and on far-sighted expectations, as well as his study on both monetary matters and history.