The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jan, 1971, Volume 39, Issue 1
https://doi.org/0012-9682(197101)39:1<1:TPTCST>2.0.CO;2-P
p. 1-21
Frank Stafford, Robert Holbrook
A multivariate errors-in-variables model is used to analyze the propensity to consume from each of several sources of income for a sample of 621 families in a three year (1960-1962) panel study. The analysis provides estimates of the relationships among the transitory components of the various types of income (contemporary and intertemporal) as well as the marginal propensities to consume out of the permanent component of income from each source. Total family income is much more stable than its components, as there is a tendency for changes in head's income to be offset by opposite changes in wife's and transfer income. The marginal propensity to consume out of the permanent component of both the head's and wife's labor income is .9, a result consistent with Friedman's for aggregate income, and implying that growing labor force participation of wives should have no effect on the long run savings rate.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
