Consumption Volatility, Liquidity Constraints and Household Welfare
研究了美国收入不确定性增加和金融自由化对消费波动及家庭福利的影响，发现1983至2007年间流动性约束家庭比例未降，消费波动显著上升，导致福利损失。
We evaluate the impact of increased income uncertainty and financial liberalisation in the US on consumption volatility and household welfare. We estimate Euler equations and measure the volatility of unpredictable changes in consumption as the squared residuals. We directly control for liquidity constraints using SCF data on access to credit, and document that despite the increase in household debt between 1983 and 2007, there was no decline in the proportion of liquidity constrained households. Consumption volatil-ity increased significantly over this period, especially for liquidity constrained households, indicating substantial welfare losses.