Optimal Consumption and Investment under Time-Varying Liquidity Constraints
研究了在时变借贷约束（如债务收入比上限和贷款价值比上限）下，消费者和投资者的最优决策，发现其与固定借贷约束下的经典结论有显著差异，且更符合实证文献。
We study consumption and investment decisions given realistic time-varying constraints on borrowing. We first consider the case where borrowing is constrained by a maximum debt-to-income ratio. We then consider collateral borrowing with a maximum loan-to-value ratio. The resulting implications for optimal policies differ considerably from those obtained in the existing literature based on fixed borrowing limits but are consistent with those documented in the empirical literature.