Liquidity constraints with endogenous income.
This article examines liquidity constraints within the household's intertemporal model with nonseparable consumption and leisure. The model includes wage income in the minimum wealth constraint. We derive an estimable equation for employed households that holds whether or not the family is credit co...
| Publicado en: | Economic Inquiry Vol. 37; no. 4; pp. 692 - 706 |
|---|---|
| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
October 1999
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511132644&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511132644 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: October 1999 vid: 37 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 511132644 10.1111/j.1465-7295.1999.tb01457.x ppf: 692 ppct: 14 formats: fmt: @attributes: type: T tig: atl: Liquidity constraints with endogenous income. aug: au: Zhao, Yucong Dutkowsky, Donald H. Dunsky, Robert M. su: Liquidity (Economics) Households & economics Consumption (Economics) United States sug: subj: United States Liquidity (Economics) Households & economics Consumption (Economics) ab: This article examines liquidity constraints within the household's intertemporal model with nonseparable consumption and leisure. The model includes wage income in the minimum wealth constraint. We derive an estimable equation for employed households that holds whether or not the family is credit constrained. The formulation enables direct testing for liquidity constraints. Empirical findings using the Panel Study of Income Dynamics strongly support the existence of debt constraints. Credit constrained households have significantly lower levels of consumption, disposable income, saving, and wage rates, a higher average propensity to consume, and smaller labor hours for the spouse but not the head. (JEL D91, J22) Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|