; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The Consumption Process Implied by an Efficient Credit Contract"; ; "batchuser@example.com"; "Oh, Soo-Nam", "Green, Edward J."; "Paper prepared for the 'Debt and Credit' Conference at the LSE."^^; "Federal Reserve Bank of Minneapolis"; "Households", "Credit contracts", "Credit", "Debt securities", "Consumption"; "C22 - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes", "D11 - Consumer Economics: Theory", "G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages"; "In this paper we explain why markets in noncontingent debt securities might be a stable form of market organization for intermediation to households. Efficient-contract allocation might be supported by these markets because households' relationships with their intermediaries do not exactly parallel the explicit form of the noncontingent contracts that they explicitly sign with one another. Also we show that the efficient-contract model can be distinguished from alternative models within the time-series framework that has been widely used to study households' consumption patterns."^^; "1992-06"; "2018-03-13T20:08:43.87049579+00:00"^^; "https://doi.org/10.21034/wp.499"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-08-30T15:25:14.266365444+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "571", "294"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "499"; "Consumption", "Households", "Credit contracts", "Debt securities", "Credit"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .