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Do Liquidity Constraints Vary over Time? Evidence from Survey and Panel Data

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  • Fissel, Gary S
  • Jappelli, Tullio

Abstract

Much empirical work has been devoted to estimating the proportion of liquidity constrained consumers (P) and the fraction of income held by these liquidity constrained consumers (L). A common feature of these studies is that P and L are taken to be constant over time. This paper attempts to determine whether this assertion is empirically justified by providing new evidence on the extent of liquidity constraints. Using survey and panel data, the authors find that P and L do vary over time with trend and cyclical components, but that, over the period 1968-82, these fluctuations have not been dramatic. Copyright 1990 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 22 (1990)
Issue (Month): 2 (May)
Pages: 253-62

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Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:2:p:253-62

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Tolar, Martin Michael, 1997. "A behavioral model of nondurable consumption expenditure," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 26(3), pages 291-302.
  2. Olga Gorbachev & Keshav Dogra, 2010. "Evolution of Consumption Volatility for the Liquidity Constrained Households over 1983 to 2004," Working Papers 10-12, University of Delaware, Department of Economics.
  3. Tagkalakis, Athanasios, 2008. "The effects of fiscal policy on consumption in recessions and expansions," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1486-1508, June.
  4. S.L. Schreft & A.P. Villamil, 1990. "Liquidity constraints in commercial loan markets with imperfect information and imperfect competition," Working Paper 90-10, Federal Reserve Bank of Richmond.
  5. Markus Kirchner & Jacopo Cimadomo & Sebastian Hauptmeier, 2010. "Transmission of Government Spending Shocks in the Euro Area: Time Variation and Driving Forces," Tinbergen Institute Discussion Papers 10-021/2, Tinbergen Institute.
  6. John Gathergood, . "Racial Disparities in Credit Constraints in the Great Recession: Evidence from the UK," Discussion Papers 11/09, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  7. Meta Brown & Andrew Haughwout & Donghoon Lee & Wilbert van der Klaauw, 2011. "Do we know what we owe? A comparison of borrower- and lender-reported consumer debt," Staff Reports 523, Federal Reserve Bank of New York.

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