Consumption and Liquidity Constraints: An Empirical Investigation
检验了永久收入假说，认为消费者面临借贷约束时消费行为会受影响，并使用美国家庭面板数据支持了流动性约束对部分人群消费有显著作用的结论。
Several recent studies have suggested that empirical rejections of the permanent income/life cycle model may be due to the existence of liquidity constraints. This paper tests the permanent income hypothesis against the alternative hypothesis that consumers optimize subject to a well-specified sequence of borrowing constraints. Implications for consumption in the presence of borrowing constraints are derived and then tested using time-series/cross-section data on families from the Panel Study of Income Dynamics. The results generally support the hypothesis that an inability to borrow against future labor income affects the consumption of a significant portion of the population. Copyright 1989 by University of Chicago Press.