haku: @author Ng, S. / yhteensä: 2
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| Tekijä: | Garcia, R. Lusardi, A. Ng, S. |
| Otsikko: | Excess sensitivity and asymmetries in consumption: an empirical investigation |
| Lehti: | Journal of Money, Credit and Banking
1997 : MAY, VOL. 29:2, p. 154-176 |
| Asiasana: | SENSITIVITY ANALYSIS CONSUMPTION MONEY |
| Kieli: | eng |
| Tiivistelmä: | Most empirical studies on liquidity constraints classify a consumer as being constrained on the basis of a single indicator such as the asset-to-income ratio. In this analysis, the authors model the probability that a consumer faces liquidity constraints as a function of multiple social and economic factors. This probability function is estimated in a switching regressions framework. The switching regressions apply optimal weights to the densities for the Euler equations in the two states and are less susceptible to sample misclassification. |
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