| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9035 |
| DP9035 Durable Goods, Borrowing Constraints and Consumption Insurance | |
| Josep Pijoan-Mas | |
| 发表日期 | 2012-07-08 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In this paper we study the transmission of income shocks into nondurable consumption in the presence of durable goods. We use a standard a life-cycle model with two goods to characterize the interaction of durability of goods, durability of shocks, and borrowing constraints as determinants of shock transmission. We show that borrowing constraints lead to a substitution between durable and non-durable goods upon arrival of an unexpected income change. This substitution biases the conventional measures of insurance based on the response of non-durable consumption to income changes. The sign of this bias depends critically on the persistence of the shock. We show that households have less insurance against transitory shocks and more insurance against permanent shocks than commonly measured. We calibrate the model economy to the US in order to measure the size of this bias. |
| 主题 | International Macroeconomics |
| 关键词 | Borrowing constraints Consumption insurance Durable goods Incomplete markets Persistence of income shocks |
| URL | https://cepr.org/publications/dp9035 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537878 |
| 推荐引用方式 GB/T 7714 | Josep Pijoan-Mas. DP9035 Durable Goods, Borrowing Constraints and Consumption Insurance. 2012. |
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