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Titolo:
When do borrowing constraints bind? Some new results on the income fluctuation problem
Autore:
Rabault, G;
Indirizzi:
INSEE, Div Comptes Trimestriels, F-92244 Malakoff, France INSEE MalakoffFrance F-92244 tes Trimestriels, F-92244 Malakoff, France
Titolo Testata:
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
fascicolo: 2, volume: 26, anno: 2002,
pagine: 217 - 245
SICI:
0165-1889(200202)26:2<217:WDBCBS>2.0.ZU;2-3
Fonte:
ISI
Lingua:
ENG
Soggetto:
LIQUIDITY CONSTRAINTS; CONSUMPTION;
Keywords:
consumption; income; borrowing constraints; uncertainty;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
Citazioni:
12
Recensione:
Indirizzi per estratti:
Indirizzo: Rabault, G INSEE, Div Comptes Trimestriels, Timbre G430,15 Blvd Gabriel Peri,BP 100, F-92244 Malakoff, France INSEE Timbre G430,15 Blvd Gabriel Peri,BP 100 Malakoff France F-92244
Citazione:
G. Rabault, "When do borrowing constraints bind? Some new results on the income fluctuation problem", J ECON DYN, 26(2), 2002, pp. 217-245

Abstract

The empirical failure of the Permanent Income Hypothesis has prompted researchers to investigate models in which consumers are 'liquidity constrained'. As shown in Deaton (Econometrica 59(5) (1991) 1221), 'liquidity constrained' consumers might choose to exhaust their borrowing capacity from time to time. Yet, due to technical limitations, the conditions under which this behavior arises have not been investigated. The present paper extends the class of solvable models in a way that allows this issue to be dealt with. It turns out that under the loosest sustainable borrowing constraint, the agent might systematically avoid exhausting his borrowing capacity. (C) 2002 Published by Elsevier Science B.V.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 02/04/20 alle ore 02:33:46