Consumption, Liquidity Constraints and Asset Accumulation in the Presence of Random Income Fluctuations

DOI10.2307/2526729zbMath0685.90026OpenAlexW1985024274MaRDI QIDQ4203968

Richard H. Clarida

Publication date: 1987

Published in: International Economic Review (Search for Journal in Brave)

Full work available at URL: https://cowles.yale.edu/sites/default/files/files/pub/d07/d0705-r.pdf

zbMATH Keywords

risk aversionborrowingintertemporal househould decisionoptimal consumption behaviorrandom income fluctuationsunique stationary probability

Mathematics Subject Classification ID

Economic growth models (91B62) Group preferences (91B10)

Related Items (10)

Duality and liquidity constraints under uncertainty ⋮ A qualitative approach to Markovian equilibrium on optimal growth under uncertainty ⋮ On the existence and uniqueness of stationary equilibrium in Bewley economies with production ⋮ A stochastic dynamic model of trade and growth: convergence and diversification ⋮ Consumption and investment under constraints ⋮ Consumption and investment under constraints ⋮ Returns-to-scale and the equity premium puzzle ⋮ Equilibrium asset prices with undiversifiable labor income risk ⋮ When do borrowing constraints bind? Some new results on the income fluctuation problem ⋮ Transaction costs and consumption

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