Mental Accounts and Consumption Sensitivity across the Distribution of Liquid Assets
利用美国金融机构的家庭数据，研究发现即使持有大量流动性资产的家庭，其消费也对可预测收入表现出显著反应，并构建心理账户模型解释这一现象，进而评估财政刺激政策的有效性。
We study consumption spending responses to predictable income using household-level data from a US financial institution. Even for households with large liquid asset balances, we find no spending in anticipation of income receipt, substantial spending following receipt, and significant front-loading with respect to date of receipt. To rationalize these findings, we develop a tractable model of mental accounts where consumption choices are partitioned across current income and current assets. Our model reproduces the timing, magnitude, and cross-section of consumption responses observed in the data. Finally, we use the model to study the effectiveness of targeted and untargeted fiscal stimulus policies.