Consumption Over The Life Cycle

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Consumption Over the Life Cycle

Author : Pierre-Olivier Gourinchas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Consumption Over the Life Cycle by : Pierre-Olivier Gourinchas

Download or read book Consumption Over the Life Cycle written by Pierre-Olivier Gourinchas and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a structural model of optimal life-cycle consumption expenditures in the presence of realistic labor income uncertainty. We employ synthetic cohort techniques and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. The model fits the profiles quite well. In addition to providing reasonable estimates of the discount rate and risk aversion, we find that consumer behavior changes strikingly over the life cycle. Young consumers behave as buffer-stock agents. Around age 40, the typical household starts accumulating liquid assets for retirement and its behavior mimics more closely that of a certainty equivalent consumer. Our methodology provides a natural decomposition of saving and wealth into its precautionary and life-cycle components.

The Allocation of Time and Goods Over the Life Cycle

Author : Gilbert R. Ghez
Publisher : Columbia University Press
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Allocation of Time and Goods Over the Life Cycle by : Gilbert R. Ghez

Download or read book The Allocation of Time and Goods Over the Life Cycle written by Gilbert R. Ghez and published by Columbia University Press. This book was released on 1975 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.

Consumption Over the Life Cycle and Over the Business Cycle

Author : Orazio P. Attanasio
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Consumption Over the Life Cycle and Over the Business Cycle by : Orazio P. Attanasio

Download or read book Consumption Over the Life Cycle and Over the Business Cycle written by Orazio P. Attanasio and published by . This book was released on 1993 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main aim of this paper is to assess the validity of the life cycle model of consumption. In particular, we address an issue that has recently received much attention, especially in the macroeconomic literature: that of "excess sensitivity" of consumption growth to income growth. We do this using a time series of cross sections and a novel and flexible parameterization of preferences. The former allows us to' address aggregation issues directly, while with the latter we can allow both the discount factor and the elasticity of intertemporal substitution eis to be affected by various observable variables and lifetime wealth. The main findings can be summarized as follows: (i) the excess sensitivity of consumption growth to labor income disappears when we control for demographic variables. This is true both at life cycle and business cycle frequencies. (ii) estimation of a flexible specification of preferences indicates that the elasticity of intertemporal substitution is a function of several variables, including the level of consumption. The eis increases with the level of consumption, as expected. (iii) the variables that change the eis are also important in explaining why we observe excess sensitivity over the business cycle. (iv) we are able to reconcile our results with those reported both in the macro and micro literature. (v) in our specification the elasticity of intertemporal substitution is not very well determined. This result, however, should be taken with care, as we have not made an effort to construct a 'preferred' specification, which would probably include additional controls for labor supply behavior. The evidence presented shows that the life cycle model cannot be easily dismissed. Indeed, we believe that the model does a good job at representing consumption behavior both over the life cycle and over the business cycle.

Consumption Over the Life Cycle

Author : Jesús Fernández-Villaverde
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (248 download)

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Book Synopsis Consumption Over the Life Cycle by : Jesús Fernández-Villaverde

Download or read book Consumption Over the Life Cycle written by Jesús Fernández-Villaverde and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a seminonparametric model and Consumer Expenditure Survey data to estimate life cycle profiles of consumption, controlling for demographics, cohort and time e.ects. In addition to documenting profiles for total and nondurable consumption, we devote special attention to the age expenditure pattern for consumer durables. We find hump-shaped paths over the life cycle for total, for nondurable and for durable expenditures. Changes in household size account for roughly half of these humps. The other half remains unaccounted for by the standard complete markets life cycle model. Our results imply that households do not smooth consumption over their lifetimes. This is especially true for services from consumer durables. Bootstrap simulations suggest that our empirical estimates are tight and sensitivity analysis indicates that the computed profiles are robust to a large number of different specifications

National Saving and Economic Performance

Author : John B. Shoven
Publisher : University of Chicago Press
ISBN 13 : 0226044351
Total Pages : 396 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis National Saving and Economic Performance by : John B. Shoven

Download or read book National Saving and Economic Performance written by John B. Shoven and published by University of Chicago Press. This book was released on 2009-02-15 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has witnessed a decline in saving throughout the developed world—the United States has the dubious distinction of leading the way. The consequences can be serious. For individuals, their own economic security and that of their families is jeopardized. For society, inadequate rates of saving have been blamed for a variety of ills—decreasing the competitive abilities of American industry, slowing capital accumulation, increasing our trade deficit, and forcing the sale of capital stock to foreign investors at bargain prices. Restoring acceptable rates of saving in the United States poses a major challenge to those who formulate national economic policy, especially since economists and policymakers alike still understand little about what motivates people to save. In National Saving and Economic Performance, edited by B. Douglas Bernheim and John B. Shoven, that task is addressed by offering the results of new research, with recommendations for policies aimed to improve saving. Leading experts in diverse fields of economics debate the need for more accurate measurement of official saving data; examine how corporate decisions to retain or distribute earnings affect household-level consumption and saving; and investigate the effects of taxation on saving behavior, correlations between national saving and international investment over time, and the influence of economic growth on saving. Presenting the most comprehensive and up-to-date research on saving, this volume will benefit both academic and government economists.

Family Consumption Over the Life Cycle

Author : Pablo Fernandez
Publisher :
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.:/5 (639 download)

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Book Synopsis Family Consumption Over the Life Cycle by : Pablo Fernandez

Download or read book Family Consumption Over the Life Cycle written by Pablo Fernandez and published by . This book was released on 1992 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Housing Taxation and Capital Accumulation

Author : Martin Gervais
Publisher : London : Department of Economics, University of Western Ontario
ISBN 13 : 9780771421037
Total Pages : 39 pages
Book Rating : 4.4/5 (21 download)

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Book Synopsis Housing Taxation and Capital Accumulation by : Martin Gervais

Download or read book Housing Taxation and Capital Accumulation written by Martin Gervais and published by London : Department of Economics, University of Western Ontario. This book was released on 1998 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Consumption Over the Life Cycle

Author : Gary D. Hansen
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (2 download)

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Book Synopsis Consumption Over the Life Cycle by : Gary D. Hansen

Download or read book Consumption Over the Life Cycle written by Gary D. Hansen and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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"--National Bureau of Economic Research web site.

Consumption Over the Life Cycle

Author : Pierre-Olivier Gourinchas
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Consumption Over the Life Cycle by : Pierre-Olivier Gourinchas

Download or read book Consumption Over the Life Cycle written by Pierre-Olivier Gourinchas and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs a synthetic cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of optimal life-cycle consumption expenditures in the presence of realistic labor income uncertainty. The model fits the profiles quite well. In addition to providing tight estimates of the discount rate and risk aversion, we find that consumer behavior changes strikingly over the life-cycle. Young consumers behave as buffer-stock agents. Around age 40, the typical household starts accumulating liquid assets for retirement, and its behavior mimics more closely that of a certainty equivalent consumer. This change in behavior is mostly driven by the life-cycle profile of expected income. Our methodology provides a natural decomposition of saving into its precautionary and retirement components.

Strategic Financial Planning Over the Lifecycle

Author : Narat Charupat
Publisher : Cambridge University Press
ISBN 13 : 0521764564
Total Pages : 383 pages
Book Rating : 4.5/5 (217 download)

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Book Synopsis Strategic Financial Planning Over the Lifecycle by : Narat Charupat

Download or read book Strategic Financial Planning Over the Lifecycle written by Narat Charupat and published by Cambridge University Press. This book was released on 2012-05-28 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a final-year college level textbook on personal finance, jointly written by business school and mathematics professors. It is aimed at a wide audience of people who are interested in wealth management from a more rigorous perspective. It may be used in both personal applications and professional classrooms.

Household Saving and Full Consumption Over the Life Cycle

Author : Patricia F. Apps
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Household Saving and Full Consumption Over the Life Cycle by : Patricia F. Apps

Download or read book Household Saving and Full Consumption Over the Life Cycle written by Patricia F. Apps and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 resolved. Secondly, we stress the importance of the heterogeneity of household behaviour in respect of female labour supply and saving, and provide evidence to show that these are very closely related across households. Finally, we formulate theoretical and empirical models incorporating these ideas and use them to show that policy changes, such as a reduction in the progressivity of income taxation, can have effects that contrast sharply with those suggested in the existing literature.

Consumption and Risk Sharing Over the Life Cycle

Author : Kjetil Storesletten
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (454 download)

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Book Synopsis Consumption and Risk Sharing Over the Life Cycle by : Kjetil Storesletten

Download or read book Consumption and Risk Sharing Over the Life Cycle written by Kjetil Storesletten and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: A striking feature of U.S. data on income and consumption is that inequality increases with age. Using both panel data and an equilibrium life cycle model, we argue that this is informative for understanding the importance and the characteristics of idiosyncratic labor market risk. We find that uncertainty distributed throughout the working years accounts for 40 percent of life time uncertainty, with the remainder being realized prior to entering the labor market. We estimate that the shocks received over the life cycle contain a highly persistent component, with an autocorrelation coefficient between 0.98 and unity. The joint behavior of earnings and consumption inequality, interpreted using our model, adds to the body of evidence suggesting that labor market risks are imperfectly pooled and that a precautionary motive is an important aspect of U.S. savings behavior. The restrictions imposed by general equilibrium theory play an important role in arriving at each of these conclusions

Weekly Weather and Crop Bulletin

Author :
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (3 download)

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Book Synopsis Weekly Weather and Crop Bulletin by :

Download or read book Weekly Weather and Crop Bulletin written by and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Housing Partnerships

Author : Andrew Caplin
Publisher : MIT Press
ISBN 13 : 9780262032438
Total Pages : 292 pages
Book Rating : 4.0/5 (324 download)

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Book Synopsis Housing Partnerships by : Andrew Caplin

Download or read book Housing Partnerships written by Andrew Caplin and published by MIT Press. This book was released on 1997 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing Partnerships: A New Approach to a Market at a Crossroads provides the blueprints of the Housing Partnership structure and the new opportunities it furnishes home owners, while explaining the economics behind the housing and mortgage markets and the financial risks in owning a home.

Life-Cycle Effects on Consumption and Retirement

Author : Daniel S. Hamermesh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (874 download)

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Book Synopsis Life-Cycle Effects on Consumption and Retirement by : Daniel S. Hamermesh

Download or read book Life-Cycle Effects on Consumption and Retirement written by Daniel S. Hamermesh and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects on consumption and retirement of characteristics of the life cycle, especially the length of the horizon, are examined. At any given age people will work more and consume less if they expect to live longer. This and other propositions are tested on several sets of data. The Terman sample of gifted individuals (320 in 1972, 228 in 1977) is used to relate work status to the length of the horizon, as proxied by parents' longevity. The results suggest the expected positive effect on effort, but its magnitude is quite small. The panel from the Retirement History Survey is used, and life-cycle effects on consumption and retirement are estimated jointly for 1973 and 1975. There is a weak small effect of a more distant horizon (proxied by the number of living parents) in increasing work effort and a stronger, but still fairly small effect in reducing consumption; goods and leisure are consumed jointly, suggesting their complementarity in household production; and spending propensities out of Social Security wealth are far below those out of pension wealth. The small effect of changes in the horizon on work effect suggests the rapid secular increase in longevity has produced a disproportionate increase in people's lifetime demand for leisure. The implied small increase in lifetime income and the slight reduction in consumption among persons with longer horizons indicate that increased longevity has not been met with sufficient spending cuts to enable people to maintain real consumption over their longer lifetimes

The Economics of Consumption

Author : Tullio Jappelli
Publisher : Oxford University Press
ISBN 13 : 0199383154
Total Pages : 313 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis The Economics of Consumption by : Tullio Jappelli

Download or read book The Economics of Consumption written by Tullio Jappelli and published by Oxford University Press. This book was released on 2017 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence.

Consumer Behavior over the Life Course

Author : George P. Moschis
Publisher : Springer
ISBN 13 : 3030050084
Total Pages : 208 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Consumer Behavior over the Life Course by : George P. Moschis

Download or read book Consumer Behavior over the Life Course written by George P. Moschis and published by Springer. This book was released on 2019-01-31 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines consumer behavior using the “life course” paradigm, a multidisciplinary framework for studying people's lives, structural contexts, and social change. It contributes to marketing research by providing new insights into the study of consumer behavior and illustrating how to apply the life course paradigm’s concepts and theoretical perspectives to study consumer topics in an innovative way. Although a growing number of marketing researchers, either implicitly or explicitly, subscribe to life course perspectives for studying a variety of consumer behaviors, their efforts have been limited due to a lack of theories and methods that would help them study consumers over the lifecycle. When studying consumers over their lifespan, researchers examine differences in the consumer behaviors of various age groups (e.g., children, baby boomers, elderly, etc.) or family life stages (e.g., bachelors, full nesters, empty nesters, etc.), inferring that consumer behavior changes over time or linking consumption behaviors to previous experiences and future expectations. Such efforts, however, have yet to benefit from an interdisciplinary research approach. This book fills this gap in consumer research by informing readers about the differences between some of the most commonly used models for studying consumers over their lifespan and the life course paradigm, and providing implications for research, public policy, and marketing practice. Presenting applications of the life course approach in such research topics as decision making, maladaptive behaviors (e.g., compulsive buying, binge eating), consumer well-being, and cognitive decline, this book is beneficial for students, scholars, professors, practitioners, and policy makers in consumer behavior, consumer research, consumer psychology, and marketing research.