【ECON201217】                    

宏觀經濟學研討會      

（總第122期）          

【時間】2012年11月06日（周二）12：15－13：45          

【地點】明主0409教室      

【主講】陳小亮 中國人民大學經濟學院        

【主題】Consumption and Saving Over The Life Cycle: How Important Are Consumer Durables（written by Jesus Fernandez-Villaverde and Dirk Krueger, Macroeconomic Dynamics, 2011）

【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】陳彥斌 教授            

人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型（尤其是Bewley模型）并使用計算機模擬研究中國經濟改革與發展的重大問題。          

聯系人：陳偉澤　　E_mail: sysu2006vc@126.com          

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經濟學院      

中國經濟改革與發展研究院