Rational Illiquidity and Consumption: Theory and Evidence from Income Tax Withholding and Refunds
نویسندگان
چکیده
Low liquidity and a high marginal propensity to consume are tightly linked. This paper analyzes this link in the context of income tax withholding refunds. A theory rational cash management with uncertainty endogenizes relationship between illiquidity consume, can explain finding that households tend spend refunds as if they valued liquidity, yet do not act increase by reducing their withholding. The is supported individual-level evidence based on financial account records, including positive correlation size out those (JEL E21, G51, H24, H31)
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ژورنال
عنوان ژورنال: The American Economic Review
سال: 2022
ISSN: ['2640-205X', '2640-2068']
DOI: https://doi.org/10.1257/aer.20191385