کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967347 931202 2007 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Smoothing with liquid and illiquid assets
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Smoothing with liquid and illiquid assets
چکیده انگلیسی
A quantitative examination of the demand for liquid assets arising from consumption smoothing motives reveals that such demand is very low. Consumers faced with income streams calibrated to match income and unemployment data and returns and transactions costs calibrated to match US Treasury Bill data almost exclusively buy and hold illiquid long term assets even though the return premium on long term assets is quite small. This is because, with standard preferences, savings are highly persistent even when risky income is not. In the calibrated model, the first order autocorrelation of savings is an order of magnitude larger than that of income.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 54, Issue 6, September 2007, Pages 1572-1586
نویسندگان
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