论文标题
确定家庭何时经济限制
Identifying Preferences when Households are Financially Constrained
论文作者
论文摘要
本文表明，利用有关财务约束家庭的广泛余地的信息可以缩小大量宏观经济模型中可接受的偏好集范围。基于西班牙汇总数据的估计为这一结果提供了进一步的经验支持，并表明该利润率的核算可以使估计值更接近微观经济学证据。对财务限制的核算和广泛的利润显示，对于经验资产定价和量化金融市场中的扭曲很重要。
This paper shows that utilizing information on the extensive margin of financially constrained households can narrow down the set of admissible preferences in a large class of macroeconomic models. Estimates based on Spanish aggregate data provide further empirical support for this result and suggest that accounting for this margin can bring estimates closer to microeconometric evidence. Accounting for financial constraints and the extensive margin is shown to matter for empirical asset pricing and quantifying distortions in financial markets.
