Do liquidity constraints generate excess sensitivity in consumption? New evidence from a sample of post-bankruptcy households

Previous work linking liquidity constraints to excessive consumption sensitivity have used household level information on wealth and assets to split the sample into households that are likely to be constrained from those with access to credit and liquidity. In this paper, we use the sample splitting methods of previous authors but refine the criteria by using direct information on whether the household filed for bankruptcy in the last 10 years. Legally, a flag can appear on a bankruptcy filer’s credit report for up to 10 years after bankruptcy. This bankruptcy flag affects an individual’s credit score, and therefore the individual’s access to credit, which may make post-bankruptcy consumers liquidity constrained. Our results indicate that post-bankruptcy consumers exhibit excess sensitivity likely due to the bankruptcy flag. Consistency checks confirm that the source of sensitivity is due to liquidity constraints and not other observationally equivalent behavior.     

Debt, liquidity and dynamics

Summary. Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. The set of equilibrium paths, their dynamic properties, as well as the scope and effectiveness of monetary policy are significantly altered: though low rates of interest are associated with superior steady state allocations, stability of the steady state may require a nominal rate of interest above a certain minimum: without production, a decrease in the nominal rate of interest may result in explosive behavior or convergence to an endogenous cycle, while in an economy with production, an increase in the nominal rate of interest may lead to indeterminacy and fluctuations.Received: 5 October 2004, Revised: 5 November 2004 JEL Classification Numbers: E30, E32, E50, E52.C. Rochon, H.M. Polemarchakis: We thank Jean-Michel Grandmont for helpful comments. Correspondence to: C. RochonThis revised version was published online in May 2005 with a corrected abstract.     

流动性、流动性资产和流动性过剩

本文厘正了若干流动性过剩认识误区,阐释了流动性、流动性资产和流动性过剩的本质与定义,测算了近年来中国流动性过剩的规模和程度.得出了近年来中国流动性过剩并不严重、流动性过剩与经济过热之间不存在因果关系,以及2007年和2008年上半年中国宏观经济调控政策取向值得反思等若干结论.     

Rule‐of‐Thumb Consumers,Productivity, and Hours*

In this paper, we study the transmission mechanism of productivity shocks in a model with rule‐of‐thumb consumers. In the literature, this financial friction has been studied only with reference to fiscal shocks. We show that the presence of rule‐of‐thumb consumers is also very helpful when accounting for recent empirical evidence on productivity shocks. Rule‐of‐thumb agents, together with nominal and real rigidities, play an important role in reproducing the negative response of hours and the delayed response of output after a productivity shock.     

Optimal savings with taxable and tax-deferred accounts

We solve and estimate a life-cycle model with earnings risk and liquidity constraints in the presence of tax-deferred retirement accounts (TDAs). We explicitly consider two very different types of households (with TDAs): direct and indirect stockholders. The latter hold stocks only through TDAs and, consistent with the data, save considerably less than the former, who hold stocks both inside and outside these accounts. We find that TDAs promote higher wealth accumulation but only marginally higher net savings. Consumption increases mostly during retirement, as desired, but the effect is largest for those households with higher savings rates already.     

高校创业教育理论与实践对接方法探讨——台湾中山大学的经验介绍

创业教育是一门与实践紧密结合的课程,将高校创业教育理论与实践结合是成功开展创业教育的难点和重点。目前大学创业教育还存在以下问题：受到重视但目标尚待明确、创业理论与实践的对接有待突破、创业实践教育方法单一、创业教育研究还需要重视本国的文化背景、灌输创业的理念、强化创业团队教育以及创业教育师资培训等问题。台湾中山大学在华人创业教育中具有较早的历史和成功的经验。台湾中山大学采取以项目为依托、创意是关键,在干中学、整合教师资源与转变角色等方法,大大提高了大学创业教育的效果。本文将在分析大陆地区创业教育现状的基础上,提炼台湾中山大学成功将理论与实践相结合的创业教育模式,提升大陆地区高校创业教育的水平。     

大学生创业的动态考察与思索——以北京市为例

近三年的连续调查表明,北京高校大学毕业生创业的比例不高,创业大学生的经营状况也比较困难,没成为我国创业型发展的主要推动力量.大学生创业率较低的成因是多方面的,一是大学生创业意识薄弱,具有生存型创业意愿的分别占43.9％、45.8％、42.9％,宁可失业也不选择创业的占32.2％、20.6％、25.7％;二是大学生创业能力不足,90％的大学生不具备足够的创业能力;三是创业环境较差.应采取多种措施全面推进大学生创业,大学生要提高创业意识和创业能力;高校要大力发展创业教育,加大宣传,扩大创业教育规模,提高教育质量;政府要形成尊重创业的社会氛囤,建立创业基金,成立专业化服务机构,深化户籍、社会保障制度改革,制定优惠政策,优化创业环境,以推动我国大学生创业活动.     

高质量创业：如何提高创业活动创新性？

随着创业普及率的提升,国家乃至整个社会亟需加强对创业质量的关注,鼓励高质量、创新型创业活动开展。但学者对于什么是创业活动创新性、应如何提升创业质量等问题的认识依然模糊。从技术与非技术双元创新角度,采用跨案例研究方法,探讨不同类型制造企业创新策略及其演化机制。结果发现,技术创新与非技术创新融合对于创业质量提升至关重要,非技术类创新是目前制造型企业提升创业质量的主要方式;其次,不同类型制造企业创新策略演化路径不同,但均体现出从用户需求出发、权衡新颖性与实用性要求、持续提升产品或服务增值能力的机制特征,这对揭示创业活动创新性来源、推动创业质量提升具有重要意义。