【ECON201217】                    

宏观经济学研讨会      

（总第122期）          

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

【地点】明主0409教室      

【主讲】陈小亮 中国人民大学经济学院        

【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）

【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            

人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型（尤其是Bewley模型）并使用计算机模拟研究中国经济改革与发展的重大问题。          

联系人：陈伟泽　　E_mail: sysu2006vc@126.com          

更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn          

经济学院      

中国经济改革与发展研究院