Durable goods and consumer behavior with liquidity constraints
构建了包含耐用品和流动性约束的消费模型，利用挪威1978-2018年数据估计非耐用品和耐用品需求方程及消费欧拉方程，发现忽略耐用品会显著偏误非耐用品弹性，消费者缺乏耐心且风险厌恶低，流动性约束证据较弱，不确定性对耐用品消费影响显著。
Abstract This paper presents an integrated model of intratemporal demand and intertemporal consumption, with allowance for durable goods and liquidity constraints. Demand equations for non‐durable and durable goods with the user cost of durable goods are jointly estimated with a consumption Euler equation incorporating liquidity constraints for Norwegian consumers from 1978 to 2018. Results show that demand analyses ignoring durable goods lead to a significant bias in the elasticities of non‐durable goods. Norwegian consumers are found to be impatient, with low risk aversion. There is weak evidence for liquidity constraints in consumption. No strong evidence exists for intertemporal substitution in consumption, but a considerable effect of uncertainty is found in durable consumption.