{ "cells": [ { "cell_type": "markdown", "metadata": {}, "source": [ "## What Happens To the Consumption Function When A Liquidity Constraint is Tightened?\n", "\n", "[![badge](https://img.shields.io/badge/Launch%20using%20-Econ--ARK-blue)](https://econ-ark.org/materials/changeliqconstr#launch)\n", "\n", "(This example builds on the ConsIndShockModel notebook; digest that before proceeding)\n", "\n", "The `KinkedRconsumerType` class solves the problem of a consumer for whom the interest rate on borrowing is higher than the rate that the consumer will receive on any positive saving they do. The default calibration is meant to capture a case where the borrowing occurs at an interest rate typical of credit cards.\n", "\n", "(Fuller discussion of the issues here can be found in [A Theory of the Consumption Function, With or Without Liquidity Constraints](http://www.econ2.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf))" ] }, { "cell_type": "code", "execution_count": 1, "metadata": {}, "outputs": [], "source": [ "import matplotlib.pyplot as plt\n", "from copy import deepcopy\n", "from HARK.ConsumptionSaving.ConsIndShockModel import KinkedRconsumerType\n", "from HARK.utilities import plot_funcs\n", "\n", "\n", "def mystr(number):\n", " return \"{:.4f}\".format(number)" ] }, { "cell_type": "code", "execution_count": 2, "metadata": {}, "outputs": [ { "data": { "image/png": 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", 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" ] }, "metadata": {}, "output_type": "display_data" } ], "source": [ "# Create an instance of the type of consumer we are interested in\n", "KinkyExample = KinkedRconsumerType()\n", "\n", "# Make the example infinite horizon (not a life cycle model)\n", "KinkyExample.cycles = 0\n", "\n", "# The consumer cannot borrow more than 0.4 times their permanent income\n", "KinkyExample.BoroCnstArt = -0.4\n", "\n", "# Solve the consumer's problem\n", "KinkyExample.solve()\n", "\n", "# Plot the results\n", "plt.ylabel(\"Consumption c\")\n", "plt.xlabel(\"Market Resources m\")\n", "plot_funcs([KinkyExample.solution[0].cFunc], KinkyExample.solution[0].mNrmMin, 5)" ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "'Market Resources' $M$ is the total amount of money (assets plus current income) available to the consumer when the consumption decision is made. Lower case $m = M/P$ is the ratio of $M$ to permanent income. Likewise, $c = C/P$ is the ratio of consumption to permanent income.\n", "\n", "The line segment near $m=1$ captures the interval over which the consumer spends all of their market resources, because it's not worth it to borrow at the high credit card interest rate, but also not worth it to save at the low bank account interest rate.\n", "\n", "The bottommost point on the consumption function is at $m=-0.4$, where consumption is zero. This consumer would like to borrow to finance spending out of future income, but is already at the maximum borrowing limit.\n", "\n", "The consumption function has a linear portion with a slope of 45 degrees along which the marginal propensity to consume out of extra market resources is 1. But eventually resources get high enough that the consumer is willing to spend less than the maximum possible amount; this concave part of the consumption function terminates at the point where the consumer's desired borrowing reaches zero: The bottommost point on the line segment discussed above." ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "### Solution With A Tighter Constraint\n", "\n", "We are now interested in the solution to the problem when the constraint is tighter; concretely, the maximum amount of borrowing allowed is now 0.2, rather than 0.4.\n" ] }, { "cell_type": "code", "execution_count": 3, "metadata": {}, "outputs": [ { "data": { "image/png": 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", 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" ] }, "metadata": {}, "output_type": "display_data" } ], "source": [ "# Make a copy of the example consumer\n", "KinkyExampleTighten = deepcopy(KinkyExample)\n", "\n", "# Now change the location of the borrowing constraint -- the consumer cannot borrow more than 0.2\n", "KinkyExampleTighten.BoroCnstArt = -0.2\n", "\n", "# Solve the modified problem\n", "KinkyExampleTighten.solve()\n", "\n", "# Compare the two functions\n", "plot_funcs(\n", " [KinkyExample.solution[0].cFunc, KinkyExampleTighten.solution[0].cFunc],\n", " KinkyExampleTighten.solution[0].mNrmMin,\n", " 5,\n", ")" ] }, { "cell_type": "markdown", "metadata": {}, "source": [ "### Discussion\n", "\n", "The interesting question that this analysis does not address is how to handle the transition from a looser to a tighter constraint.\n", "\n", "The toolkit can simulate a population of households behaving according to the first rule. But it is not obvious how to treat consumers whose debt, say, was 0.3 before the constraint was tightened. A simple, but implausible, approach is to assume that such consumer must immediately cut their consumption by enough to reduce their debt to the new more stringent maximum. A reasonable solution might be to say that the new tighter constraint applies only to new borrowers; different papers in the literature take different approaches to this transition question." ] } ], "metadata": { "jupytext": { "cell_metadata_filter": "collapsed,code_folding", "cell_metadata_json": true, "formats": "ipynb,py:percent", "notebook_metadata_filter": "all" }, "kernelspec": { "display_name": "Python 3 (ipykernel)", "language": "python", "name": "python3" }, "language_info": { "codemirror_mode": { "name": "ipython", "version": 3 }, "file_extension": ".py", "mimetype": "text/x-python", "name": "python", "nbconvert_exporter": "python", "pygments_lexer": "ipython3", "version": "3.10.13" } }, "nbformat": 4, "nbformat_minor": 4 }