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Estimates of the demand for US consumer borrowings

Antonio Paradiso and B. Rao

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explains non-mortgage borrowing by U.S. households with demand-side factors, viz. disposable income, wealth and interest rate. The life cycle hypothesis and a standard two period consumption model are the basis of our theoretical model. We find with the cointegration techniques that current disposable income, past wealth, and interest rate explain consumer borrowing over 50 years.

Keywords: consumer borrowing; disposable income; wealth; interest rates; US economy (search for similar items in EconPapers)
JEL-codes: D12 O51 C22 (search for similar items in EconPapers)
Date: 2011-07-08
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