This article makes a brief analysis of the theories that resolves the apparent con- tradiction of the consumption function estimates between survey data in cross section, medium term series and long term time series found by S. Kuznets. We focus attention on Milton Friedman ́s permanent income theory. Next, issues con- cerning the information and model analysis are detailed; the econometric analysis with supplementary statistical tests is carried out. Finally, conclusions are presented.
free text keywords: permanent income theory; Koyck transformation; instrumental variables., jel:C12, jel:C13, jel:E21