A leisurely reading of the life-cycle consumption data

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...

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Veröffentlicht in:	Journal of monetary economics 2007-11, Vol.54 (8), p.2305-2320
Hauptverfasser:	Bullard, James, Feigenbaum, James
Format:	Artikel
Sprache:	eng
Schlagworte:	Consumption Consumption humps Data analysis Economic models Economic theory Equilibrium Households Leisure Life cycles Life-cycle consumption and saving Overlapping generations Studies Utility functions
Online-Zugang:	Volltext
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