["Journal of Money, Credit and Banking, EarlyView. ", "\nAbstract\nThe marginal propensity to consume (MPC) is heterogeneous and depends on liquidity, while liquidity is affected by both temporary circumstances and persistent characteristics. Using bank account transaction data and a survey of its account holders, this study aims to distinguish the sources of MPC heterogeneity. The results indicate that individuals with higher levels of risk aversion and time discount rates tend to exhibit a higher MPC, whereas lower wealth is also linked to a higher MPC. These findings suggest that MPC heterogeneity is influenced by both temporary and persistent factors."]