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A Life-cycle Consumption Model with Liquidity Contraints: Theory and Empirical Results

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  • Mariger, Randall P
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    Abstract

    A structural consumption model incorporating endogenous liquidity constraints is fit to a cross section of 798 U.S. families. Liquidity constrained families are estimated to constitute 19.4 percent of the population sampled, a group that accounts for 16.7 percent of consumption in the population sampled. In-sample simulations of the model suggest that a temporary tax has three to four times more impact on aggregate consumption than it would if liquidity constraints were not in effect. Copyright 1987 by The Econometric Society.

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    Bibliographic Info

    Article provided by Econometric Society in its journal Econometrica.

    Volume (Year): 55 (1987)
    Issue (Month): 3 (May)
    Pages: 533-57

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    Handle: RePEc:ecm:emetrp:v:55:y:1987:i:3:p:533-57

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    1. repec:dgr:uvatin:2002076 is not listed on IDEAS
    2. Alessie, R.J.M. & Teppa, F., 2002. "Saving and Habit Formation: Evidence from Dutch Panel Data," Discussion Paper 2002-62, Tilburg University, Center for Economic Research.
    3. Almudena Sevilla-Sanz & Maria Jose Luengo-Prado, 2010. "Consumption, Retirement and Life-cycle Prices: Evidence From Spain," Economics Series Working Papers 498, University of Oxford, Department of Economics.

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