| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10201 |
| 来源ID | Working Paper 10201 |
| The Dynamics of Work and Debt | |
| Jeffrey R. Campbell; Zvi Hercowitz | |
| 发表日期 | 2004-01-05 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper characterizes the labor supply and borrowing of a household facing collateral requirements that limit its debt and compel it to accumulate equity in its durable goods stock. The household's discount rate exceeds the market rate of interest, so it would otherwise finance increased current consumption by borrowing against future wages. Collateral constraints generate a positive comovement between the household's debt, the stock of durable goods and labor supply following wage or interest rate shocks---as the household's labor supply adjusts to finance downpayments on new durable good purchases and the subsequent debt repayment. Increasing the speed of debt repayment amplifies these movements. |
| 主题 | Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w10201 |
| 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/567829 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Campbell,Zvi Hercowitz. The Dynamics of Work and Debt. 2004. |
| 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 | ||
| w10201.pdf（395KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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