Credit Rationing and Rational Behavior
证明最优消费随借贷上限提高而增加，储蓄和福利损失则减少，且在高储蓄水平下严格不等式仍可能成立，表明自由借贷与无借贷之间可平滑过渡。
This paper shows that optimal consumption is weakly increasing in the borrowing ceiling, while savings and the welfare losses caused by borrowing constraints are weakly decreasing. More important, the strict inequalities may hold even at high saving levels at which the constraints are not expected to bind any time soon. In essence, the paper shows that one can make a smooth transition between the two extremes of free and no borrowing. Further, quantitative versions of the theory demonstrate that the distortive impact of borrowing constraints depends upon all the parameters of the economic environment in a complicated way. Copyright 1994 by Ohio State University Press.