Real Money Balances and the Timing of Consumption: An Empirical Investigation
实证检验了实际货币余额增加会提高消费边际效用，进而影响非耐用品和服务消费的时机，对其他变量影响消费时机的证据不足。
This paper examines the correlation between changes in consumer spending on nondurables and services, and levels or changes in a variety of other variables that might be expected to enter directly as arguments of the household utility function or to serve as measures of household liquidity. Empirical results strongly suggest that an increase in real money balances raises the marginal utility of consumption. Once the influence of real balances is accounted for, there is little evidence that other variables have a direct impact on the timing of consumption.