作者：Duffy, John; Orland, Andreas
作者单位：University of California System; University of California Irvine; University of Osaka; Corvinus University Budapest
摘要：We test the buffer stock model of savings behavior using a three-period intertemporal model. In one treatment, liquidity in the second period is constrained (borrowing not possible), while the unconstrained treatment has no such constraint. The buffer stock model predicts that a second-period liquidity constraint increases first-period savings. We also vary the variance of stochastic income (high or low) in a 2x2$2 \times 2$ design. While we find no evidence for the predicted liquidity constra...
