Optimal Consumption and Savings with Stochastic Income and Recursive Utility
收藏NBER2013-08-01 更新2025-01-04 收录
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https://www.nber.org/papers/w19319
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资源简介：
We develop a tractable incomplete-markets model with an earnings process Y subject to permanent shocks and borrowing constraints. Financial frictions cause the marginal (certainty equivalent) value of wealth W to be greater than unity and decrease with liquidity w = W/Y. Additionally, financial
提供机构：
美国国家经济研究局
创建时间：
2013-08-01
