Saving, Growth, and Liquidity Constraints
用世代交叠模型证明，家庭流动性约束会提高储蓄率、增强增长对储蓄的影响，并在内生增长下提高增长率，甚至可能增进福利。跨国回归支持这些结论，并表明1980年代金融放松管制导致OECD国家储蓄和增长率下降。
In the context of an overlapping-generations model, we show that Uquidity constraints on households (i) raise the saving rate, (ii) strengthen the effect of growth on saving, (iii) increase the growth rate if productivity growth is endogenous, and (iv) may increase welfare. The first three positions are supported by cross-country regressions of saving and growth rates on indicators of liquidity contraints on households. The results suggest that financial deregulation in the 1980s has contributed to the decline in national saving and growth rates in the OECD countries.