BORROWING CONSTRAINTS, INCOME EXPECTATIONS AND THE EULER EQUATION - THEORY AND EVIDENCE

被引：6

作者：

ANTZOULATOS, AA

机构：

[1] Leonard N. Stern School of Business, Department of Economics, Management Education Center, New York, NY 10012-1126

来源：

ECONOMICS LETTERS | 1994年 / 45卷 / 03期

关键词：

D O I：

10.1016/0165-1765(94)90032-9

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using the Euler Equation, I show that under borrowing constraints consumption growth will depend not only on contemporaneous expected income, as the model with 'rule-of-thumb' consumers predicts, but also on future expected income. Historical data confirm this insight.

引用

页码：323 / 327

页数：5

共 8 条

[1]

CAMPBELL JY, 1989, 2924 NAT BUR EC RES

[2]

CAMPBELL JY, 1987, 2436 NAT BUR EC RES

[3] 2-STEP 2-STAGE LEAST-SQUARES ESTIMATION IN MODELS WITH RATIONAL-EXPECTATIONS [J].

CUMBY, RE ;

HUIZINGA, J ;

OBSTFELD, M .

JOURNAL OF ECONOMETRICS, 1983, 21 (03) :333-355

[4]

CUMBY RE, 1990, 92 NAT BUR EC RES TE

[5] THE PERMANENT INCOME HYPOTHESIS AND THE REAL INTEREST-RATE [J].

MANKIW, NG .

ECONOMICS LETTERS, 1981, 7 (04) :307-311

[6] EFFECT ON OPTIMAL CONSUMPTION OF INCREASED UNCERTAINTY IN LABOR INCOME IN MULTIPERIOD CASE [J].

MILLER, BL .

JOURNAL OF ECONOMIC THEORY, 1976, 13 (01) :154-167

[7]

SHEA J, 1993, UNPUB MYOPIA LIQUIDI

[8] CONSUMPTION AND LIQUIDITY CONSTRAINTS - AN EMPIRICAL-INVESTIGATION [J].

ZELDES, SP .

JOURNAL OF POLITICAL ECONOMY, 1989, 97 (02) :305-346

← 1 →