BORROWING CONSTRAINTS, INCOME EXPECTATIONS AND THE EULER EQUATION - THEORY AND EVIDENCE

被引：6
|
作者：
ANTZOULATOS, AA
机构：
[1] Leonard N. Stern School of Business, Department of Economics, Management Education Center, New York, NY 10012-1126
来源：
ECONOMICS LETTERS | 1994年 / 45卷 / 03期
关键词：
D O I：
10.1016/0165-1765(94)90032-9
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using the Euler Equation, I show that under borrowing constraints consumption growth will depend not only on contemporaneous expected income, as the model with 'rule-of-thumb' consumers predicts, but also on future expected income. Historical data confirm this insight.
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页码：323 / 327
页数：5
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