Consumption and Credit Market: Evidence from Taiwan

The credit market in Taiwan has experienced a significant fluctuation during the last thirty years and provides an excellent background to investigate the relationship between consumption and credit. This paper uses a Kalman filter technique to allow the coefficient of current income to vary over time, and shows the existence of excess sensitivity of consumption. However, the evolution of a credit market cannot adequately explain the time-varying coefficients of current income with regard to liquidity constraint.

並列關鍵字

Consumption ； credit ； excess sensitivity ； liquidity constraint ； Kalman filter

參考文獻

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國際替代計量

Consumption and Credit Market: Evidence from Taiwan

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