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Capital Market Imperfection, the Consumption Function, and the Effectiveness of Fiscal Policy

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  • Walter Perrin Heller
  • Ross M. Starr

Abstract

I. Income and consumption, 455.—II. Optimal consumption plans subject to borrowing constraint, 457.—III. Dependence of consumption on income in the short run: a consumption function, 460.—IV. Summary, 462.

Suggested Citation

  • Walter Perrin Heller & Ross M. Starr, 1979. "Capital Market Imperfection, the Consumption Function, and the Effectiveness of Fiscal Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(3), pages 455-463.
    • Handle: RePEc:oup:qjecon:v:93:y:1979:i:3:p:455-463.
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    1. Hayo, Bernd & Neumeier, Florian, 2017. "The (In)validity of the Ricardian equivalence theorem–findings from a representative German population survey," Journal of Macroeconomics, Elsevier, vol. 51(C), pages 162-174.
    2. Kim, H. Youn, 2017. "The permanent income hypothesis, transitional dynamics, and excess sensitivity of consumption," Structural Change and Economic Dynamics, Elsevier, vol. 40(C), pages 10-25.
    3. Seater, John J., 1997. "An optimal control solution to the liquidity constraint problem," Economics Letters, Elsevier, vol. 54(2), pages 127-134, February.
    4. Magda Kandil & Ida Mirzaie, 2006. "Consumption and macroeconomic policies: Theory and evidence from developing countries," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 15(4), pages 469-491.
    5. Ross Guest & Robyn Swift, 2010. "Population Ageing and House Prices in Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 43(3), pages 240-253, September.
    6. Carl E. Walsh, 1985. "Borrowing Restrictions and Wealth Constraints: Implications for Aggregate Consumption," NBER Working Papers 1629, National Bureau of Economic Research, Inc.
    7. Peter Prazmowski, 2014. "Ricardian equivalence and fiscal distortions in the Dominican Republic," Empirical Economics, Springer, vol. 46(1), pages 109-125, February.
    8. Olson, Lars J., 1995. "Dynamic Economic Models with Uncertainty and Irreversibility: Methods and Applications," Working Papers 197822, University of Maryland, Department of Agricultural and Resource Economics.
    9. Roberto Ricciuti & Davide Di Laurea, 2003. "An experimental analysis of two departures from Ricardian equivalence," Economics Bulletin, AccessEcon, vol. 8(11), pages 1-11.
    10. Liu, Chia-Ying & Wang, Wei-Neng, 2020. "On the optimality of social status seeking," Economic Modelling, Elsevier, vol. 93(C), pages 520-525.
    11. Zhang, Jie, 2006. "Second-best public debt with human capital externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 30(2), pages 347-360, February.
    12. Uros Djuric & Michael Neugart, 2021. "Helicopter money: survey evidence on expectation formation and consumption behaviour," Oxford Economic Papers, Oxford University Press, vol. 73(1), pages 273-294.
    13. repec:ebl:ecbull:v:8:y:2003:i:11:p:1-11 is not listed on IDEAS
    14. Mena, Hugo, 1996. "Some theoretical issues in modelling Latin American countries within an equilibrium framework: The role of credit markets in consumption and labour market behaviour," Economic Modelling, Elsevier, vol. 13(1), pages 41-65, January.
    15. Willem L. Heeringa & Job Swank, 2019. "Heterogeneous Consumers, Credit Rationing, and Tax-Benefit Policies," De Economist, Springer, vol. 167(2), pages 105-126, June.

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