The Coholding Puzzle: New Evidence from Transaction-Level Data
利用家庭每日财务数据，研究发现人们同时持有债务和储蓄（共同持有）大多发生在月内短期且金额不大，且与个人冲击无关，心理账户可以解释这一现象。
Abstract Why do individuals pay debt interest when they could use their savings to pay down the debt? We explore why individuals “cohold” debt and savings using detailed and highly disaggregated daily-level data on household finances. We find that coholding mostly occurs in short spells within the month and the level of coholding is typically modest. Periods of coholding are not associated with shocks at the individual level. We show that mental accounting has a role to play in explaining coholding, in particular how individuals allocate different categories of expenditure to accounts in credit and debit.