| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1629 |
| 来源ID | Working Paper 1629 |
| Borrowing Restrictions and Wealth Constraints: Implications for Aggregate Consumption | |
| Carl E. Walsh | |
| 发表日期 | 1985-06-01 |
| 出版年 | 1985 |
| 语种 | 英语 |
| 摘要 | Recent empirical studies have found that consumption is more sensitive to current income than the life-cycle, permanent income hypothesis would predict.The present paper studies a model in which the fraction of consumers exhibiting excess sensitivity is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate adistribution of consumption across individuals which is consistent with the recent empirical evidence. The aggregate marginal propensity to consume out of transitory income is directly related to the fraction of constrained consumers and exhibits positive serial correlation in the face of serially uncorrelated income shocks. |
| URL | https://www.nber.org/papers/w1629 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558872 |
| 推荐引用方式 GB/T 7714 | Carl E. Walsh. Borrowing Restrictions and Wealth Constraints: Implications for Aggregate Consumption. 1985. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1629.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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