소비반응의 비대칭성과 유동성제약 = Asymmetry in Consumption Responses and Liquidity Constraint

다국어 초록 (Multilingual Abstract)

Employing Korean aggregate and household panel data, we examine the asymmetry in household`s consumption responses to income changes, and investigates whether the presence of liquidity constraint can explain this asymmetry as predicted by existing theories. Testing the presence of asymmetry in consumption responses, we find that in both aggregate and household panel data, consumption decreases more significantly in response to an income decrease than it increases in response to an income increase of the same magnitude. When we split the households sample into liquidity-constrained and unconstrained sub-groups, the asymmetry in consumption responses is more prominent in the liquidity-constrained group. Applying Shea(1995a) model to household panel data, we find that the sub-group results support the liquidity constraint hypothesis as a convincing explanation for the asymmetric responses of consumption.

참고문헌 (Reference)

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