Blar i Norges Banks publikasjonsserier / Norges Bank publication series på emneord "JEL: D11"
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On the Concavity of the Consumption Function with Liquidity Constraints
(Working Papers;14/2016, Working paper, 2016)Carroll and Kimball (1996) prove that the consumption function is concave if infinitely-lived risk-averse households have a utility function which exhibits Hyperbolic Absolute Risk Aversion (HARA), face income uncertainty, ...