Mental Accounts and Consumption Sensitivity across the Distribution of Liquid Assets

• 成果类型: Article
• 署名作者: Graham, James; McDowall, Robert A.
• 署名单位: University of Sydney; Australian National University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20220200
• 发表日期: 2026
• 关键词: PERMANENT INCOME; MODEL

摘要

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. (JEL D12, E21, E62, G21, G51)