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This paper shows that utilizing information on the extensive margin offinancially constrained households can narrow down the set of admissiblepreferences in a large class of macroeconomic models. Estimates based onSpanish aggregate data provide further empirical support for this result andsuggest that accounting for this margin can bring estimates closer tomicroeconometric evidence. Accounting for financial constraints and theextensive margin is shown to matter for empirical asset pricing and quantifyingdistortions in financial markets.

Identifying Preferences when Households are Financially Constrained