Optimal consumption with time-inconsistent preferences

被引：0
|
作者：
Liu, Liya [1 ,2 ]
Niu, Yingjie [2 ]
Wang, Yuanping [2 ,3 ]
Yang, Jinqiang [1 ,2 ]
机构：
[1] Shanghai Inst Int Finance & Econ, Shanghai, Peoples R China
[2] Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China
[3] Shanxi Univ Finance & Econ, Sch Finance, Taiyuan, Peoples R China
来源：
ECONOMIC THEORY | 2020年 / 70卷 / 03期
基金：
中国国家自然科学基金;
关键词：
Time-inconsistent preferences; MPC; Excess sensitivity; Excess smoothness; D11; D91; E21; G11; EXCESS SMOOTHNESS; WINDFALL INCOME; HOUSEHOLD CONSUMPTION; STOCHASTIC INCOME; INTEREST-RATES; SENSITIVITY; SAVINGS; EXPLAIN; CHOICE; SHOCKS;
D O I：
10.1007/s00199-019-01228-1
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper extends the standard continuous-time buffer-stock savings model with borrowing constraints by introducing time-inconsistent agent preferences. Interestingly, it predicts that time-inconsistent preferences will strengthen the consumption motive, and this makes the agent's borrowing constraints more severe and generates higher MPCs out of liquidity, which provides an alternative explanation for the "excess sensitivity" to liquidity from the perspective of time-inconsistent preferences. Moreover, by incorporating time-inconsistent preferences, our theoretical model also provides support for the empirical evidence of "excess smoothness."
引用
收藏
页码：785 / 815
页数：31
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