Understanding Consumption Smoothing: Evidence from the U.S. Consumer Expenditure Data
对比了内生债务约束模型与标准不完全市场模型对家庭消费平滑能力的预测，并用美国消费者支出调查数据检验，发现两类模型均不能完全解释数据，结合两者可能更好。
Consumption models with endogenous debt constraints differ from standard incomplete markets models in their predictions about an individual household’s ability to smooth consumption across time and states of the world. In this paper we develop these differences, both theoretically and quantitatively. We then use data from the US Consumer Expenditure Survey (CE) to assess along which dimensions the predictions of these models are consistent with the empirical evidence. We find that both type models fail to fully account for the data and argue that a model that combines aspects of both might be more succesfull.