Can Tax Rebates Stimulate Consumption Spending in a Life-Cycle Model?
构建包含收入风险、流动性约束和资产组合选择的生命周期模型，评估2001年所得税返还等临时性预期收入冲击对家庭消费的影响，发现流动性受限家庭消费返还比例更高。
We build a life-cycle model with earnings risk, liquidity constraints, and portfolio choice over tax-deferred and taxable assets to evaluate how household consumption changes in response to shocks to transitory anticipated income, such as the 2001 income tax rebate. Households optimally invest in tax-deferred assets, which are encumbered by withdrawal penalties, and exchange taxable precautionary savings for higher after-tax returns. The model predicts a higher marginal propensity to consume out of a rebate than is predicted by a standard frictionless life-cycle model. Liquidity-constrained households—with few financial assets or portfolios expensive to reallocate—consume a higher fraction of the rebates.