Saving and Liquidity Constraints
This paper is concerned with the theory of saving when consumers are not permitted to borrow, and with the ability of such a theory to account for some of the stylized facts of saving behavior. The models presented in the paper seem to account for important aspects of reality that are not explained by traditional life-cycle models. Copyright 1991 by The Econometric Society.
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Volume (Year): 59 (1991)
Issue (Month): 5 (September)
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