Contracts, Constraints and Consumption
比较了永久收入模型、流动性约束模型和信息约束有效合同模型对家庭消费行为的预测差异，通过净贸易现值和边际替代率区分这些模型，并研究鞅消费作为有效合同模型的近似。
The paper compares implications of three kinds of models of households' consumption behaviour: the basic permanent-income model, several models of liquidity-constrained households, and a model of an informationally-constrained efficient contract. These models are distinguished in terms of implications regarding the present discounted values of net trades to households at various levels of temporary income, and the households' marginal rates of substitution. Martingale consumption is studied as an approximation to the predicted consumption process of the efficient-contract model.