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Earnings-Related Borrowing Restrictions: Empirical Evidence from a Pseudo Panel for the U.K

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  • Guglielmo WEBER

Abstract

The life-cycle model with liquidity constraints produces an Euler equation with unobservable Kuhn-Tucker multipliers. If borrowing restrictions depend on earnings and leisure is a choice variable one can derive an Euler equation involving only observable variables. This paper presents estimates of the Euler equation on a pseudo (or "synthetic") panel of UK households. Most parameters are well determined and in agreement with the model's predictions. They can therefore be used to evaluate each cohort's Kuhn-Tucker multiplier over the sample period.

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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (1993)
Issue (Month): 29 ()
Pages: 157-173

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Handle: RePEc:adr:anecst:y:1993:i:29:p:08

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Cited by:
  1. Attanasio, Orazio P., 1995. "The intertemporal allocation of consumption: theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 39-56, June.

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