【主题】Consumption and Saving Over The Life Cycle: How Important Are Consumer Durables?（written by Jesus Fernandez-Villaverde and Dirk Krueger, Macroeconomic Dynamics, 2011）
【时间】2012年11月06日（周二）12：15－13：45
【地点】中国人民大学明主0409教室
【主讲】陈小亮 中国人民大学经济学院
【摘要】In this paper we investigate whether a standard life-cycle model in which households purchase nondurable consumption and consumer durables and face idiosyncratic income and mortality risk as well as endogenous bor- rowing constraints can account for two key patterns of consumption and asset holdings over the life cycle. First, consumption expenditures on both durable and nondurable goods are hump-shaped. Second, young households keep very few liquid assets and hold most of their wealth in consumer durables. In our model durables play a dual role: they both provide consumption services and act as collateral for loans. A plausibly parameterized version of the model predicts that the interaction of consumer durables and endogenous borrowing constraint induces durables accumulation early in life and higher consumption of nondurables and accumulation of financial assets later in the life cycle, of an order of magnitude consistent with observed data.
【主持】陈彦斌 教授
