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Consumption Over the Life Cycle
Open accessAbstract
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.
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Citations
Cites
Theory of the Consumption Function
Friedman, M. (1957) · doi:10.1515/9780691188485 · Cited by 3,335
Cited by
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Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
Optimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2017) · Journal of Political Economy · doi:10.1086/690950 · Cited by 690
Portfolio Choice over the Life‐Cycle when the Stock and Labor Markets Are Cointegrated
BENZONI, L., COLLIN‐DUFRESNE, P., & GOLDSTEIN, R. S. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01271.x · Cited by 466
Consumer Spending during Unemployment: Positive and Normative Implications
Ganong, P., & Noel, P. (2019) · American Economic Review · doi:10.1257/aer.20170537 · Cited by 433
Metadata
- Authors
- Gourinchas, P.-O., & Parker, J. A.
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2002-01
- Volume
- 70
- Issue
- 1
- Pages
- 47-89
- ISSN
- 0012-9682 (ISSN-L)
- 1468-0262
- OpenAlex
- W3022855420
- Cited by
- 1,781
- References
- 1
- FWCI
- 200.81
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Gourinchas, P.-O., & Parker, J. A. (2002). Consumption Over the Life Cycle. Econometrica. https://doi.org/10.1111/1468-0262.00269
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
