| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30007 |
| 来源ID | Working Paper 30007 |
| Measuring Valuation of Liquidity with Penalized Withdrawals | |
| David Coyne; Itzik Fadlon; Tommaso Porzio | |
| 发表日期 | 2022-05-02 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We propose using penalized withdrawals from retirement savings accounts, identified from U.S. tax records, as a revealed-preference tool to characterize households' valuation of liquidity. A simple dynamic model formalizes the notion that the prevalence of withdrawals can be used to characterize American households' valuation of liquidity over time and space. We find pervasive evidence of high valuation of liquidity, hence that shocks are imperfectly insured. Declines in households' income lead to sudden, large, and persistent jumps in the probability of penalized withdrawals. Both local economic conditions and persistent household characteristics play an important role, with the average valuation of liquidity being higher in financially underdeveloped areas as well as in black communities which are plausibly marginalized from the credit market. Finally, applying our tool to the Great Recession, we find that more affected areas saw larger increases in penalized withdrawals, plausibly driven by tightening of local credit conditions. Our analysis offers a new tool to study the valuation of liquidity and our results point to sizable welfare gains from social insurance policies targeted at both households and locations over time. |
| 主题 | Microeconomics ; Households and Firms ; General Equilibrium ; Welfare and Collective Choice ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Public Economics ; Health, Education, and Welfare ; Poverty and Wellbeing ; Labor Economics ; Demography and Aging ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w30007 |
| 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/587680 |
| 推荐引用方式 GB/T 7714 | David Coyne,Itzik Fadlon,Tommaso Porzio. Measuring Valuation of Liquidity with Penalized Withdrawals. 2022. |
| 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 | ||
| w30007.pdf（8251KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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