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Consumer debt non-payment and the borrowing constraint: Implications for consumer behavior

机译：消费者债务不付款和借款约束：对消费者行为的影响

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This paper examines whether the consumption behavior of a borrowing-constrained household is affected by debt non-payment. From the household's intertemporal maximization problem, we derive a two-equation model consisting of augmented forms of the standard consumption Euler equation and the static labor supply equation. We estimate these equations by using nonlinear GMM and obtain estimates inter alia for the discount factor and the debt-payment-to-income ratio. The former is found to be much lower than the values often used in model calibrations in the literature, showing a high degree of impatience of households. The latter is close to the values reported in the consumer credit literature. Our results are found to be robust to a number of specification tests under different types of household preferences. These results are also subjected to a comparative analysis with the results derived from the consumption Euler equation under full debt repayment and no borrowing constraint. (C) 2019 Elsevier B.V. All rights reserved.
机译：本文介绍了借款约束家庭的消费行为是否受到债务不付款的影响。从家庭的跨期最大化问题中，我们推出了一种由标准消耗欧拉方程的增强形式和静态劳动力供应方程组成的两级模型。我们通过使用非线性GMM来估计这些方程，并尤其获得估计，以获得折扣因素和债务支付到收入率。发现前者远低于文献中模型校准的值，显示出高度不耐烦的家庭。后者接近消费信用文学中报告的价值观。我们的结果被认为是在不同类型的家庭偏好下的许多规范测试的强大。这些结果也进行了比较分析，其结果来自全债偿还的消费欧拉方程，而且没有借款约束。 （c）2019 Elsevier B.v.保留所有权利。

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