Liquidity Constrained Markets Versus Debt Constrained Markets
Liquidity Constrained Markets Versus Debt Constrained Markets
复制标题
流动性受限市场与债务受限市场
DOI：
10.1111/1468-0262.00206
复制
发表时间：
2001
期刊：
影响因子：
6.1
通讯作者：
D. Levine
中科院分区：
文献类型：
--
作者：
T. Kehoe;D. Levine
本文在一个共同的环境中比较了两种不同的模型。第一种模式有流动性限制，因为消费者保存了一种他们不能卖空的单一资产。第二个模型有债务约束，因为消费者不能借太多的钱，以至于他们想违约，但除此之外，这是一个标准的完全市场模型。这两种模型都有一个共同的特点，即个人无法完全避免特殊冲击，利率低于主观贴现率。在随机环境下，两种模型具有不同的动态特性，债务约束模型表现出简单的随机稳态，而流动性约束模型具有更强的冲击持续性。
This paper compares two different models in a common environment. The first model has liquidity constraints in that consumers save a single asset that they cannot sell short. The second model has debt constraints in that consumers cannot borrow so much that they would want to default, but is otherwise a standard complete markets model. Both models share the features that individuals are unable to completely insure against idiosyncratic shocks and that interest rates are lower than subjective discount rates. In a stochastic environment, the two models have quite different dynamic properties, with the debt constrained model exhibiting simple stochastic steady states, while the liquidity constrained model has greater persistence of shocks.