, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and … precautionary savings motives: Liquid users behave as if they faced strong precautionary savings motives even though no observables …

, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and … precautionary savings motives: Liquid users behave as if they faced strong precautionary savings motives even though no observables …

expectations. Extrapolative income expectations help explain state-dependent household debt cycles qualitatively and quantitatively …

, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and … precautionary savings motives: Liquid users behave as if they faced strong precautionary savings motives even though no observables …

, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and … precautionary savings motives: Liquid users behave as if they faced strong precautionary savings motives even though no observables …

permanently. Liquid consumers reduce their existing savings but do not tap into negative deposits, and hence do not raise debt … directly. No proxies for precautionary savings motives differ systematically across liquid and illiquid consumers. Liquid … consumers appear to have higher subjective beliefs about precautionary savings, despite no different objective characteristics …

, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and … precautionary savings motives: Liquid users behave as if they faced strong precautionary savings motives even though no observables …