A leisurely reading of the life-cycle consumption data

被引：41

作者：

Bullard, James ^{[1
]}

Feigenbaum, James ^{[2
]}

机构：

[1] Fed Reserve Bank St Louis, St Louis, MO USA

[2] Univ Pittsburgh, Pittsburgh, PA 15260 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2007年 / 54卷 / 08期

关键词：

life-cycle consumption and saving; overlapping generations; consumption humps;

D O I：

10.1016/j.jmoneco.2007.06.025

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A puzzle in consumption theory is the observation of a hump in age-consumption profiles. This paper studies a general equilibrium life-cycle economy with capital in which households include both consumption and leisure in their period utility function. A calibrated version of the model shows that a significant hump in life-cycle consumption is a feature of the equilibrium. Thus inclusion of leisure in household preferences may provide part of the explanation of observed life-cycle consumption humps. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：2305 / 2320

页数：16

共 29 条

[1]

[Anonymous], 1991, NATL SAVING EC PERFO

[2]

Arias E., 2004, NATL VITAL STAT REPO, V52, P14

[3] Humps and bumps in lifetime consumption [J].