本文的目的是利用臺灣的總體好資料估計Campbell and Mankiw (1990)的一般化恆常所得模型。實證結果顯示臺灣的消費當前所得係數不高，而與消費信用市場相當發達的美國相當。蓬勃的民間消費性借貸市場可能是造成臺灣資本市場不甚發達的程度無法完全反應在消費當前所得係數上的原因。消費的當前所得係數亦在1980年代末期或1990年代變為負。這可能是金融自由化的結果。此外，臺灣消費季資料並未顯示顯著的跨期替代效果。

　　　　　This paper presents empirical evidence on aggregate consumption, using the quarterly data from Taiwan to estimate Campbell and Mankiw's (1990) general permanent-income model. The estimated fraction of income that accrued to individuals who consume their current income is as low as that of the U. S., although the consumer credit market in the U. S. is much more highly developed. One possible reason the capital market imperfections in Taiwan are fully reflected in the estimated current income coefficient is the existence of a prosperous private credit market for consumption. Evidence also shows that financial liberalization has a postive effect on aggregate consumption, but that there is little intertemporal substitution.