The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software
利用个人理财软件的精确面板数据，研究了收入到账时消费如何反应，发现这种反应在所有收入群体中普遍且一致，且很少有人持有流动性缓冲，行为符合无流动性约束的标准模型。
We use a very accurate panel of all individual spending, income, balances, and credit limits from a personal finance software to document spending responses to the arrival of both regular and irregular income. These payday responses are robust and homogeneous for all income and spending categories throughout the income distribution. Moreover, we find that few people hold little or no liquidity. We then analyze whether people hold liquidity cushions to cope with future liquidity constraints. However, we find that peoples’ responses are consistent with standard models without illiquid savings, in which neither present nor future liquidity constraints are frequently binding.