Liquidity Constrained Markets Versus Debt Constrained Markets
比较了两种市场模型：流动性约束模型（消费者只能储蓄一种资产且不能卖空）和债务约束模型（消费者不能过度借贷以免违约）。两者都导致个体无法完全对冲风险、利率低于主观贴现率，但动态性质不同：债务约束模型有简单的随机稳态，流动性约束模型则冲击更持久。
This paper compares two different models in a common environment. The first model has liquidity constraints in that consumers save a single asset that they cannot sell short. The second model has debt constraints in that consumers cannot borrow so much that they would want to default, but is otherwise a standard complete markets model. Both models share the features that individuals are unable to completely insure against idiosyncratic shocks and that interest rates are lower than subjective discount rates. In a stochastic environment, the two models have quite different dynamic properties, with the debt constrained model exhibiting simple stochastic steady states, while the liquidity constrained model has greater persistence of shocks.