Liquidity constraints and precautionary saving

We provide the analytical explanation of the interactions between precautionary saving and liquidity constraints. The effects of liquidity constraints and risks are similar because both stem from the same source: a concavification of the consumption function. Since a more concave consumption functio...

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Veröffentlicht in:	Journal of economic theory 2021-07, Vol.195, p.105276, Article 105276
Hauptverfasser:	Carroll, Christopher D., Holm, Martin B., Kimball, Miles S.
Format:	Artikel
Sprache:	eng
Schlagworte:	Liquidity constraints Precautionary saving Uncertainty
Online-Zugang:	Volltext
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