问题描述:
英文翻译 希望能通顺,谢谢
Ludvigson's study (1999) on the relationship between consumption and credit,
based on the model of time-varying liquidity constraints, confirmed that predictable credit growth and predictable income growth influence consumption independently. Using the U.S. installment credit data (which comprises mostly the credit cards and auto loans, and applying lagged instrumental variables as conditional expected values of the explanatory variables), Ludvigson concludes that predictable credit growth remains a strongly significant determinant of consumption growth, regardless whether expected income growth and the ex ante real interest rate are included as additional independent variables.
Thus,consumption 15‘excessively sensitive’to ex ante credit growth.
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income growth and the ex ante real interest rate are included as additional independent variables.
Thus,consumption 15‘excessively sensitive’to ex ante credit growth
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income group.
不好意思,第二段应该是:Thus,consumption is‘excessively sensitive’to ex ante credit growth.
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income growth and the ex ante real interest rate are included as additional independent variables.
Thus,consumption is sexcessively sensitiveto ex ante credit growth
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income group
Ludvigson's study (1999) on the relationship between consumption and credit,
based on the model of time-varying liquidity constraints, confirmed that predictable credit growth and predictable income growth influence consumption independently. Using the U.S. installment credit data (which comprises mostly the credit cards and auto loans, and applying lagged instrumental variables as conditional expected values of the explanatory variables), Ludvigson concludes that predictable credit growth remains a strongly significant determinant of consumption growth, regardless whether expected income growth and the ex ante real interest rate are included as additional independent variables.
Thus,consumption 15‘excessively sensitive’to ex ante credit growth.
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income growth and the ex ante real interest rate are included as additional independent variables.
Thus,consumption 15‘excessively sensitive’to ex ante credit growth
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income group.
不好意思,第二段应该是:Thus,consumption is‘excessively sensitive’to ex ante credit growth.
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income growth and the ex ante real interest rate are included as additional independent variables.
Thus,consumption is sexcessively sensitiveto ex ante credit growth
However,the impact of credit may vary on consumption behavior of Populations with different income levels. The following figures show the Percentage share of revolving credit,the credit to income and credit to consumption ratios across five income group
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