Rational Illiquidity and Consumption: Theory and Evidence from Income Tax Withholding and Refunds
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https://www.nber.org/papers/w25757
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资源简介：
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,
提供机构：
美国国家经济研究局
创建时间：
2019-04-01
