Capital Market "Imperfections" and the Consumption Function

Mervyn A. King

86 citations0/0 files storedScandinavian Journal of Economics

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Economic theories and models Monetary Policy and Economic Impact Banking stability, regulation, efficiency

Abstract

A model is presented in which there is asymmetric information between borrowers and lenders. Two questions are asked: (i) would liquidity in such a model take the form of credit rationing or of a wedge between borrowing and lending rates? and (ii) how do these constraints affect the aggregate consumption function? Some empirical

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References

1981Credit Rationing in Markets with Imperfect Information 1976Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information 1978Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence 1978Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers' Expenditure and Income in the United Kingdom 1976Imperfect Information, Uncertainty, and Credit Rationing 1981The Adjustment of Consumption to Changing Expectations About Future Income 1980A Life Cycle Model of Female Labour Supply 1985A Profitable Approach to Labor Supply and Commodity Demands over the Life-Cycle

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