A theory of the consumption function, with and without liquidity constraints
A theory of the consumption function, with and without liquidity constraints
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DOI：
10.1257/jep.15.3.23
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发表时间：
2001-06-01
影响因子：
8.4
通讯作者：
Carroll, CD
中科院分区：
文献类型：
--
作者：
Carroll, CD
本文认为，与完全预见或确定性等效模型相比，现代随机消费模型更符合米尔顿·弗里德曼（Milton Friedman, 1957）对永久收入假说的原始描述。在现代随机消费模型中，缺乏耐心的消费者面临不可保险的劳动收入风险。该模型可以解释高边际消费倾向、未来收入的高贴现率以及预防性行为的重要作用，这些都是弗里德曼原始框架的一部分。本文还解释了这些问题与欧拉方程文献的关系，并认为预防性储蓄和流动性约束的影响通常实际上是难以区分的。
This paper argues that the modern stochastic consumption model, in which impatient consumers face uninsurable labor income risk, matches Milton Friedman's (1957) original description of the Permanent Income Hypothesis much better than the perfect foresight or certainty equivalent models did. The model can explain the high marginal propensity to consume, the high discount rate on future income, and the important role for precautionary behavior that were all part of Friedman's original framework. The paper also explains the relationship of these questions to the Euler equation literature, and argues that the effects of precautionary saving and liquidity constraints are often virtually indistinguishable.