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Consumo privado y restricciones de liquidez: el caso español

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    (Universidad de Extremadura)

En este trabajo se ofrecen estimaciones de la elasticidad de sustitución intertemporal del consumo privado para el caso español. Los contrastes del modelo del Ciclo Vital-Renta Permanente con expectativas racionales han ofrecido resultados contrarios a la teoría, sobre todo con datos agregados. En nuestro trabajo se utilizan cohortes que han sido construidas con los datos de la Encuesta Continua de Presupuestos Familiares para los años 1985-1992. Los contrastes habituales sobre la presencia de restricciones de liquidez no proporcionan los resultados esperados debido, entre otras cosas, al diseño de la muestra. Se encuentra, no obstante, que la variación en el endeudamiento familiar sí afecta a las pautas de consumo, lo cual puede ser un indicio de la presencia de restricciones de liquidez. In this paper, empirical evidence on elasticity of intertemporal substitution for Spanish household consumption is showed. Several recent studies have rejected the lifecycle-permanent income hypothesis using aggregate time series. The rejection of the theory has often been blamed on the restrictive assumptions adopted in order to test the hypothesis. This article tests the household behaviour using cohort data from the Spanish Encuesta Continua de Presupuestos Familiares. This source allows us to relax some of the most restrictive assumptions by using data with a certain degree of disaggregation. Evidence of consumer behaviour following the theory is found. Indirect evidence of liquidity constraints is also found.

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Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

Volume (Year): 11 (1999)
Issue (Month): (Febrero)
Pages: 63-83

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Handle: RePEc:lrk:eeaart:11_1_1
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Beatriz Rodríguez Prado. Facultad de CC.EE. y EE. Avda. Valle del Esgueva. Valladolid 47011 SPAIN

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