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Cited by 1,931

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

Consumption and Liquidity Constraints: An Empirical Investigation

Zeldes, Stephen P.·1989·Journal of Political Economy
DOI 10.1086/261605
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Abstract

Several recent studies have suggested that empirical rejections of the permanent income/life cycle model might be due to the existence of liquidity constraints. This paper tests the permanent income hypothesis against the alternative hypothesis that consumers optimize subject to a well-specified sequence of borrowing constraints. Implications for consumption in the presence of borrowing constraints are derived and then tested using time-series/cross-section data on families from the Panel Study of Income Dynamics. The results generally support the hypothesis that an inability to borrow against future labor income affects the consumption of a significant portion of the population.

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Metadata

Authors
Zeldes, S. P.
Venue
Journal of Political Economy
Publisher
University of Chicago Press
Published
1989-04
Volume
97
Issue
2
Pages
305-346
ISSN
  • 0022-3808 (ISSN-L)
  • 1537-534X
DOI
10.1086/261605
OpenAlex
W2030691535
Cited by
1,931
References
2
FWCI
164.34
Type
journal article
Language
en
Open access
closed

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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