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The Life-Cycle Model of Consumption and Saving
Abstract
A central implication of life-cycle models is that agents smooth consumption. We review the empirical evidence on smoothing at frequencies from within the year up to across a lifetime. We find that life-cycle models--particular those which incorporate realistic features of markets and goods--have more empirical successes than failures. We also show that some apparent deviations from theoretical predictions imply very small welfare losses for agents. Finally, we emphasize that the coherence of life-cycle models imposes an important discipline when incorporating new features into models.
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Cites
Golden eggs and hyperbolic discounting
Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
Cited by
The Consumption Response to Income Changes
Jappelli, T., & Pistaferri, L. (2010) · Annual Review of Economics · doi:10.1146/annurev.economics.050708.142933 · Cited by 704
The Value of Health and Longevity
Murphy, K. M., & Topel, R. H. (2006) · Journal of Political Economy · doi:10.1086/508033 · Cited by 605
Racial Differences in Patterns of Wealth Accumulation
Gittleman, M., & Wolff, E. N. (2004) · The Journal of Human Resources · doi:10.2307/3559010 · Cited by 242
Brandtstädter, J. (2009) · Advances in Life Course Research · doi:10.1016/j.alcr.2009.03.002 · Cited by 205
Havranek, T., & Sokolova, A. (2020) · Review of Economic Dynamics · doi:10.1016/j.red.2019.05.004 · Cited by 141
Metadata
- Authors
- Browning, M., & Crossley, T. F.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2001-08-01
- Volume
- 15
- Issue
- 3
- Pages
- 3-22
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2035516084
- Cited by
- 662
- References
- 1
- FWCI
- 67.44
- Type
- journal article
- Language
- en
- Open access
- closed
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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.
