An early test of the permanent income hypothesis was reported by Robert Hall in 1978. Hall notes that if previous consumption was based on all information consumers had at the time, past income should not contain any additional explanatory power about current consumption above past consumption. This prediction is supported by the data, which Hall interprets as support for a slightly modified version of the permanent income hypothesis. Hall and Frederic Mishkin (1982) analyze data from 2,000 households and find that consumption responds much more strongly to permanent than to transitory movements of income and that the PIH is compatible with 80% of households in the sample. Ben Bernanke (1984) finds "no evidence against the permanent income hypothesis" when looking at data on automobile consumption.