A Life-Cycle Consumption Model with Liquidity Constraints: Theory and Empirical Results
构建了一个包含内生流动性约束的结构消费模型，并拟合了798个美国家庭的横截面数据。估计有19.4%的家庭受流动性约束，其消费占样本总消费的16.7%。模拟表明，临时税收对总消费的影响是流动性约束不存在时的3到4倍。
A structural consumption model incorporating endogenous liquidity constraints is fit to a cross section of 798 U.S. families. Liquidity constrained families are estimated to constitute 19.4 percent of the population sampled, a group that accounts for 16.7 percent of consumption in the population sampled. In-sample simulations of the model suggest that a temporary tax has three to four times more impact on aggregate consumption than it would if liquidity constraints were not in effect. Copyright 1987 by The Econometric Society.