Coyne, David; Fadlon, Itzik; Porzio, Tommaso - National Bureau of Economic Research - 2022
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 …