Asymmetric Consumption Smoothing
نویسندگان
چکیده
Analyzing account-level data from an account aggregator, we find that households increase consumption when they receive expected tax refunds, as if face liquidity constraints. However, these same smooth making payments in other years, primarily by transferring funds among liquid accounts. Even carrying credit card debt payments, and even highly spend out of refunds. This behavior is inconsistent with pure constraints or hand-to-mouth most consistent a mental accounting life-cycle model. (JEL D12, E21, G51, H24, H31)
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ژورنال
عنوان ژورنال: The American Economic Review
سال: 2021
ISSN: ['2640-205X', '2640-2068']
DOI: https://doi.org/10.1257/aer.20181735