SAVING AND LIQUIDITY CONSTRAINTS
SAVING AND LIQUIDITY CONSTRAINTS
复制标题
DOI：
10.2307/2938366
复制
发表时间：
1991-09-01
期刊：
影响因子：
6.1
通讯作者：
DEATON, A
中科院分区：
文献类型：
--
作者：
DEATON, A
本文关注的是当消费者不被允许借贷时的储蓄理论，以及这种理论解释储蓄行为的一些典型事实的能力。 当消费者相对不耐烦时，当劳动收入随着时间的推移独立且相同地分配时，资产就像缓冲库存一样，保护消费免受不良收入的影响。 预防性储蓄需求与借贷限制相互作用，为持有资产提供了动力。 如果收入过程是正自相关但固定的，资产仍可用于缓冲消费，但这样做的效率较低，且放弃消费的成本较高。 在极限情况下，当劳动收入是随机游走时，缺乏耐心的流动性受限的消费者简单地消费他们的收入是最优的。 因此，如果流动性受限的代表代理人获得了总劳动收入，那么该代理人就无法产生美国的总储蓄行为。 当收入是随机游走时，要么没有储蓄，要么当收入变化呈正自相关时，储蓄在商业周期中是反周期的。 然而，实际上，微观经济收入过程并不像其平均值，并且可以构建流动性约束下的微观经济储蓄模型，该模型在总体水平上再现了实际数据中的许多程式化事实。 虽然很明显许多家庭没有流动性限制，并且行为也不像这里描述的那样，但本文中提出的模型似乎解释了传统生命周期模型无法解释的现实的重要方面。
This paper is concerned with the theory of saving when consumers are not permitted to borrow, and with the ability of such a theory to account for some of the stylized facts of saving behavior. When consumers are relatively impatient, and when labor income is independently and identically distributed over time, assets act like a buffer stock, protecting consumption against bad draws of income. The precautionary demand for saving interacts with the borrowing constraints to provide a motive for holding assets. If the income process is positively autocorrelated, but stationary, assets are still used to buffer consumption, but do so less effectively and at a greater cost in terms of foregone consumption. In the limit, when labor income is a random walk, it is optimal for impatient liquidity constrained consumers simply to consume their incomes. As a consequence, a liquidity constrained representative agent cannot generate aggregate U.S. saving behavior if that agent receives aggregate labor income. Either there is no saving, when income is a random walk, or saving is contracyclical over the business cycle, when income changes are positively autocorrelated. However, in reality, microeconomic income processes do not resemble their average, and it is possible to construct a model of microeconomic saving under liquidity constraints which, at the aggregate level, reproduces many of the stylized facts in the actual data. While it is clear that many households are not liquidity constrained, and do not behave as described here, the models presented in the paper seem to account for important aspects of reality that are not explained by traditional life-cycle models.