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The Effect of Liquidity Constraints on Consumption: A Cross-Sectional Analysis

โœ Scribed by Fumio Hayashi


Book ID
124315913
Publisher
MIT Press
Year
1985
Tongue
English
Weight
489 KB
Volume
100
Category
Article
ISSN
0033-5533

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The effect of liquidity constraints on f
โœ Donald Lien ๐Ÿ“‚ Article ๐Ÿ“… 2003 ๐Ÿ› John Wiley and Sons ๐ŸŒ English โš– 96 KB ๐Ÿ‘ 2 views

## Abstract This article assumes that because of liquidity constraints, a hedge program will be terminated if the cumulative loss from a futures position exceeds a certain threshold. The constraint leads to a smaller futures position. If the hedger has a quadratic utility function, then the optimal