Optimal Consumption and Savings with Stochastic Income and Recursive Utility
收藏数据链接：
官方服务：
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
