发表机构
Banque de France（法国银行）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文通过解析方法证明，在借贷约束下，当初始财富超过阈值时，消费对利率上升的响应为正，且预防性储蓄和低跨期替代弹性会强化这一效应。
AI 中文摘要
我推导出一个显式映射，将初始资产、收入和实际利率映射到消费，该映射适用于具有借贷约束和CARA效用的收入波动问题。我证明存在一个初始财富阈值，超过该阈值，部分均衡下消费对实际利率永久性上升的响应为正，这与近期的经验证据一致。我进一步证明，预防性储蓄强化了挤入的可能性，并且当跨期替代弹性严格小于1时，正响应的可能性扩展到更标准的CRRA效用。
英文摘要
I derive an explicit mapping from initial assets, income and the real interest rate to consumption for an income fluctuation problem with a borrowing constraint and CARA utility. I show that there exists a threshold of initial wealth over which the partial equilibrium consumption response to a permanent increase in the real interest rate is positive, consistent with recent empirical evidence. I further show that precautionary savings reinforce the possibility of crowding in and that the possibility of a positive response extends to a more standard CRRA utility whenever the elasticity of intertemporal substitution is strictly less than 1.
