Liquidity Constraints and Intertemporal Consumer Optimization: Theory and Evidence From Durable Goods
构建并检验了借贷约束下最优消费行为的理论，发现流动性约束会导致耐用品与非耐用品消费之间的长期协整关系，且误差修正项能预测非耐用品消费的未来变化。基于总量数据的实证支持流动性约束（而非经验法则）是消费对可预测收入变化过度敏感的主要原因。
This paper develops and tests the implications of optimal consumption behavior with borrowing constraints. The theory shows that liquidity constraints imply a distinctive intertemporal relationship between durable and nondurable goods consumption. Binding liquidity constraints appear as part of an error correction term derived from the long-run cointegrating relationship between durables and nondurables. When liquidity constraints are binding, the error correction term will have predictive power for the future change in nondurable consumption. Empirical tests of the implications using aggregate data support the hypothesis that liquidity constraints, rather than rule-of-thumb behavior, best explain the excess sensitivity of consumption to predictable changes in income. Copyright 1995 by Ohio State University Press.