Asymmetric Consumption Smoothing
利用账户聚合数据，发现家庭在收到预期退税时会增加消费，但在其他年份付款时却通过转移资金平滑消费，这与纯流动性约束或手口相食行为不符，最符合心理账户生命周期模型。
Analyzing account-level data from an account aggregator, we find that households increase consumption when they receive expected tax refunds, as if they face liquidity constraints. However, these same households smooth consumption when making payments in other years, primarily by transferring funds among liquid accounts. Even households carrying credit card debt smooth consumption when making payments, and even highly liquid households spend out of refunds. This behavior is inconsistent with pure liquidity constraints or hand-to-mouth behavior and is most consistent with a mental accounting life-cycle model.