Involuntary saving, unanticipated inflation and the rationality of expectations formation: Some empirical evidence

Macdonald, R. and Peel, David (1985) Involuntary saving, unanticipated inflation and the rationality of expectations formation: Some empirical evidence. Weltwirtschaftliches Archiv, 121 (3). pp. 553-559. ISSN 1610-2878

Abstract

There are a number of reasons why previous empirical work on the validity of the novel hypothesis of consumer behaviour outlined by Deaton must be interpreted with extreme caution.