Intergenerational Transfers and Liquidity Constraints
研究代际转移（生前赠与）如何缓解流动性约束，发现转移模式与理论预测一致，即转移主要流向受流动性约束的消费者，且区分当前收入与永久收入是关键。
A growing body of evidence indicates that liquidity constraints could affect a substantial proportion of U. S. consumers, but little is known about why these constraints might exist. An important, but little-explored, issue is the relationship between inter vivos intergenerational transfers and liquidity constraints. These transfers can ease borrowing constraints. Empirical transfer patterns match those predicted from a model in which transfers are allocated to liquidity-constrained consumers. In particular, the distinction between current and permanent incomes of potential recipients is a key aspect of private-transfer behavior. The findings have important implications for our understanding of consumer behavior.