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

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Author Info
Mariger, Randall P
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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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. Rob Alessie & Federica Teppa, 2002. "Saving and Habit Formation: Evidence from Dutch Panel Data," Tinbergen Institute Discussion Papers 02-076/3, Tinbergen Institute. [Downloadable!]
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