Job Loss, Credit Constraints, and Consumption Growth
利用失业者的直接证据，研究信贷约束对家庭消费增长和福利的影响，发现仅少数失业者受约束但损失大，且未受约束者消费仍对临时收入有反应。
We use direct evidence on credit constraints to study their importance for household consumption growth and for welfare. We distentangle the direct effect on consumption growth of a currently binding credit constraint from the indirect effect of a potentially binding credit constraint which generates consumption risk. Our data is focused on job losers. We find that less than 5% of job losers experience a binding credit constraint, but for those that do, they experience significant welfare losses, and consumption growth is 24% higher than for the rest of the population. However, even among those who are currently unconstrained and who are able to borrow if needed, consumption responds to transitory income.