Mental Accounts and Consumption Sensitivity across the Distribution of Liquid Assets
American Economic Journal: Macroeconomics · 2025 · James Graham、Robert A. McDowall
中文摘要
我们利用美国一家金融机构的家庭层面数据, 研究消费支出对可预期收入的反应。即使对于拥有大量流动资产余额的家庭, 我们也发现: 其支出在收入到账前没有反应, 在收入到账后出现大幅支出, 并且就到账日期而言表现出显著的前置化 (front-loading)。为解释这些发现, 我们构建了一个易于处理的心理账户模型, 其中消费选择被划分于当前收入与当前资产之间。该模型再现了数据中观察到的消费反应的时机、幅度与横截面特征。最后, 我们利用该模型研究有针对性与无针对性财政刺激政策的有效性。
Abstract
We study consumption spending responses to predictable income using household-level data from a U.S. 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.