صرفه جویی در مصرف احتمالی یا نادیده گرفتن

► We study a three-period model with quadratic utility and a borrowing constraint. ► We decompose the effects of heterogeneity and uncertainty on equilibrium interest rates. ► For patient agents, heterogeneity alone explains half the decrease in interest rates. ► Decreased borrowing, as opposed to precautionary saving, explains half the decrease in interest.