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Type: Journal Articles
Published in: Journal of Business and Economic Statistics
Volume, issue, pages: Vol. 17, No. 1, pp. 22-35
Keywords: Hump-shaped consumption profiles; numerical solutions of life-cycle models; precautionary saving
Previous version: IFS Working Papers [Details]
In this article we argue that the life-cycle model that allows demographics to affect household preferences and relaxes 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 and, in particular, match the differences in shape across different education groups. Liquidity constraints or myopia are not required to explain the empirical features of observed life-cycle patterns.
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