Consumption and Saving: Another Glance at the Life Cycle Framework

Household Saving and Full Consumption over the Life Cycle

This paper extends the standard model of life cycle consumption, saving and labor supply in a number of directions. First, it argues that consumption should be defined as expenditure on household production as well as on market goods, that is, we are interested in life cycle profiles of full consumption. If this is done, several well-known puzzles concerning life cycle consumption behaviour are...

The Life-Cycle Model of Consumption and Saving

T he life-cycle framework is the standard way that economists think about the intertemporal allocation of time, effort and money. The framework has a venerable history in the economics profession, with roots in the infinite horizon models of Ramsey (1928) and Friedman (1957) and the finite horizon models of Fisher (1930) and Modigliani and Brumberg (1954). Developments since the 1950s have cons...

Another Glance at the Rainbow Y? General Relativity and Gravitation

In ationary cosmology predicts the generation of both density perturbation and relic gravitons. Tests of these predictions, especially the relic gravitons, will be very crucial to the veri cation of in ation. E orts have been made to distinguish di erent in ation models using observed anisotropies of the cosmic microwave background radiation. However, the fact that both scalar and tensor modes ...

Life Cycle Consumption and the Great Recession

Using Italian Household Budget Survey data for the period 1997-2013, this paper estimates the life cycle profiles of consumption and cross-sectional variance in the Great Recession. The study examines age profiles for total and durable expenditure, and four subcomponents of non-durable expenditure. We document significant heterogeneity in the way the recession affects consumption and the varian...

The Chinese Saving Puzzle and the Life-Cycle Hypothesis