This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Contracts, Constraints and Consumption Author info | Abstract | Publisher info | Download info | Related research | Statistics Green, Edward J
Oh, Soo-Nam
Additional information is available for the following
registered author(s):
This paper compares implications of three kinds of models of households' consumption behavior: the basic permanent-income model, several models of liquidity-constrained households, and a model of an informationally-constrained efficient contract. These models are distinguished in terms of implications regarding the present discounted values of net trades to households at various levels of temporary income, and the households' marginal rates of substitution. Martingale consumption is studied as an approximation to the predicted consumption process of the efficient-contract model. Copyright 1991 by The Review of Economic Studies Limited.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by Blackwell Publishing in its journal Review of Economic Studies .
Volume (Year): 58 (1991)
Issue (Month): 5 (October)
Pages: 883-99
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:bla:restud:v:58:y:1991:i:5:p:883-99Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
Order Information: Web: http://www.blackwellpublishing.com/subs.asp?ref=0034-6527
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Gertler, Mark, 1990.
"Financial Capacity And Output Fluctuations In An Economy With Multiperiod Financial Relationships ,"
Working Papers
90-44, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!]
Other versions: Hall, Robert E, 1978.
"Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence ,"
Journal of Political Economy ,
University of Chicago Press, vol. 86(6), pages 971-87, December.
[Downloadable!] (restricted)
Allen, Franklin, 1985.
"Repeated principal-agent relationships with lending and borrowing ,"
Economics Letters ,
Elsevier, vol. 17(1-2), pages 27-31.
[Downloadable!] (restricted)
Townsend, Robert M., 1988.
"Information constrained insurance : The revelation principle extended ,"
Journal of Monetary Economics ,
Elsevier, vol. 21(2-3), pages 411-450.
[Downloadable!] (restricted)
Atkeson, Andrew & Lucas, Robert E, Jr, 1992.
"On Efficient Distribution with Private Information ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 59(3), pages 427-53, July.
[Downloadable!] (restricted)
Lillard, Lee A & Willis, Robert J, 1978.
"Dynamic Aspects of Earning Mobility ,"
Econometrica ,
Econometric Society, vol. 46(5), pages 985-1012, September.
[Downloadable!] (restricted)
Other versions: Campbell, John Y & Deaton, Angus, 1989.
"Why Is Consumption So Smooth? ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 56(3), pages 357-73, July.
[Downloadable!] (restricted)
Fumio Hayashi, 1985.
"Tests for Liquidity Constraints: A Critical Survey ,"
NBER Working Papers
1720, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Banerjee, Abhijit V & Newman, Andrew F, 1991.
"Risk-Bearing and the Theory of Income Distribution ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 58(2), pages 211-35, April.
[Downloadable!] (restricted)
Other versions: Farmer, Roger E A, 1988.
"Money and Contracts ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 55(3), pages 431-46, July.
[Downloadable!] (restricted)
Gale, Douglas & Hellwig, Martin, 1985.
"Incentive-Compatible Debt Contracts: The One-Period Problem ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 52(4), pages 647-63, October.
[Downloadable!] (restricted)
Hall, Robert E & Mishkin, Frederic S, 1982.
"The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households ,"
Econometrica ,
Econometric Society, vol. 50(2), pages 461-81, March.
[Downloadable!] (restricted)
Other versions: Pischke, J.S., 1993.
"Individual Income, Incomplete Information, and Aggregate Consumption ,"
Working papers
93-16, Massachusetts Institute of Technology (MIT), Department of Economics.
Other versions:
Jorn-Steffen Pischke, 1991.
"Individual Income, Incomplete Information and Aggregate Consumption ,"
Working Papers
669, Princeton University, Department of Economics, Industrial Relations Section..
[Downloadable!] Pishke, J.S., 1992.
"Individual Income, Incomplete Information and Aggregate Consumption ,"
Papers
9238, Tilburg - Center for Economic Research.
Pischke, Jorn-Steffen, 1995.
"Individual Income, Incomplete Information, and Aggregate Consumption ,"
Econometrica ,
Econometric Society, vol. 63(4), pages 805-40, July.
[Downloadable!] (restricted) Thomas, Jonathan & Worrall, Tim, 1990.
"Income fluctuation and asymmetric information: An example of a repeated principal-agent problem ,"
Journal of Economic Theory ,
Elsevier, vol. 51(2), pages 367-390, August.
[Downloadable!] (restricted)
Townsend, Robert M, 1982.
"Optimal Multiperiod Contracts and the Gain from Enduring Relationships under Private Information ,"
Journal of Political Economy ,
University of Chicago Press, vol. 90(6), pages 1166-86, December.
[Downloadable!] (restricted)
Robert E. Hall, 1987.
"Consumption ,"
NBER Working Papers
2265, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Youngjae Lim & Robert Townsend, 1998.
"General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 59-118, January.
[Downloadable!] (restricted)
Other versions: Tongwook Park, 2000.
"Optimal Social Security with Moral Hazard ,"
Econometric Society World Congress 2000 Contributed Papers
1265, Econometric Society.
[Downloadable!]
Marcelo Bianconi, 2003.
"Private Information, Growth and Asset Prices with Stochastic Disturbances ,"
Discussion Papers Series, Department of Economics, Tufts University
0301, Department of Economics, Tufts University.
[Downloadable!]
Other versions: Ethan Ligon, 1996.
"Risk-Sharing and Information: Theory and Measurement in Village Economies ,"
Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series
824, Department of Agricultural & Resource Economics, UC Berkeley.
[Downloadable!]
Robert Townsend & Rolf Mueller, 1998.
"Mechanism Design and Village Economies: From Credit, to Tenancy, to Cropping Groups ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 119-172, January.
[Downloadable!] (restricted)
David Backus & Silverio Foresi & Liuren Wu, 2002.
"Contagion in Financial Markets ,"
Finance
0207009, EconWPA.
[Downloadable!]
S. Rao Aiyagari & Stephen D. Williamson, 1998.
"Money, Credit, and Allocation Under Complete Dynamic Contracts and Incomplete Markets ,"
Game Theory and Information
9802003, EconWPA.
[Downloadable!]
Other versions: Edward J. Green & Soo-Nam Oh, 1991.
"Can a "credit crunch" be efficient? ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Fall, pages 3-17.
[Downloadable!]
Pricila Maziero & Laurence Ales, 2008.
"Accounting for private information ,"
Working Papers
663, Federal Reserve Bank of Minneapolis.
[Downloadable!]
Access and
download statistics Did you know? IDEAS is not the only service displaying RePEc data. Choose on RePEc which service fits your needs best.
This page was last updated on 2009-11-22.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .