| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25757 |
| 来源ID | Working Paper 25757 |
| Rational Illiquidity and Consumption: Theory and Evidence from Income Tax Withholding and Refunds | |
| Michael Gelman; Shachar Kariv; Matthew D. Shapiro; Dan Silverman | |
| 发表日期 | 2019-04-15 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Having low liquidity and a high marginal propensity to consume (MPC) are tightly linked. This paper analyzes this linkage in the context of income tax withholding and refunds. A theory of rational cash management with income uncertainty endogenizes the relationship between illiquidity and the MPC, which accounts for the finding that households tend to spend tax refunds as if they valued liquidity, yet do not act to increase liquidity by reducing their income tax withholding. The theory is supported by individual-level evidence, including a positive correlation between the size of tax refunds and the MPC out of those refunds. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w25757 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583431 |
| 推荐引用方式 GB/T 7714 | Michael Gelman,Shachar Kariv,Matthew D. Shapiro,et al. Rational Illiquidity and Consumption: Theory and Evidence from Income Tax Withholding and Refunds. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25757.pdf（707KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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