| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5350 |
| 来源ID | Working Paper 5350 |
| Humps and Bumps in Lifetime Consumption | |
| Orazio P. Attanasio; James Banks; Costas Meghir; Guglielmo Weber | |
| 发表日期 | 1995-11-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | In this paper we argue that once one departs from the simple classroom example, or `stripped down life-cycle model,' the empirical model for consumption growth can be made flexible enough to fit the main features of the data. More specifically, we show that allowing demographics to affect household preferences and relaxing the assumption of certainty equivalence can generate hump-shaped consumption profiles over age that are very similar to those observed in household-level data sources, without appealing to alternative explanations (such as liquidity constraints, myopia or mental accounting). The hump-shape is partly attributable to precautionary savings, and partly due to demographics; the tracking (whereby consumption jumps with income) is instead due to the permanent nature of the income shocks. We use US household-level data to estimate preference parameters and income profiles, and then simulate consumption profiles for different education groups. Our simulated profiles show that the key features observed in the data can be closely matched in simulation. We also show that neglecting uncertainty produces consumption profiles that are `too flat,' whereas neglecting demographics generates consumption profiles that peak `too late.' |
| URL | https://www.nber.org/papers/w5350 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562803 |
| 推荐引用方式 GB/T 7714 | Orazio P. Attanasio,James Banks,Costas Meghir,et al. Humps and Bumps in Lifetime Consumption. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5350.pdf（412KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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