| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12341 |
| 来源ID | Working Paper 12341 |
| Consumption Over the Life Cycle: The Role of Annuities | |
| Gary D. Hansen; Selahattin Imrohoroglu | |
| 发表日期 | 2006-06-26 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption tends to rise early in life, peak around age 45-55, and to decline after that. Our calibrated model exhibits life cycle consumption that is consistent with this pattern. This follows from the fact that, due to a lack of annuity markets, households discount the future more heavily as they age and their probability of survival falls. Once an unfunded social security system is introduced, the profile is still hump shaped, but the decline in consumption does not begin until after retirement in our base case. Adding a bequest motive causes this decline to begin at a younger age. |
| 主题 | Macroeconomics ; Consumption and Investment ; Microeconomics ; Households and Firms |
| URL | https://www.nber.org/papers/w12341 |
| 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/569998 |
| 推荐引用方式 GB/T 7714 | Gary D. Hansen,Selahattin Imrohoroglu. Consumption Over the Life Cycle: The Role of Annuities. 2006. |
| 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 | ||
| w12341.pdf（268KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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