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Humps and Bumps in Lifetime Consumption

Orazio P. Attanasio, James Banks, Costas Meghir and Guglielmo Weber
Journal of Business & Economic Statistics
Vol. 17, No. 1 (Jan., 1999), pp. 22-35
DOI: 10.2307/1392236
Stable URL: http://www.jstor.org/stable/1392236
Page Count: 14
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Humps and Bumps in Lifetime Consumption
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Abstract

In this article we argue that the life-cycle model that allows demographics to affect household preferences and relaxes the assumption of certainty equivalence can generate hump-shaped consumption profiles over age that are very similar to those observed in household-level data sources and, in particular, match the differences in shape across different education groups. Liquidity constraints or myopia are not required to explain the empirical features of observed life-cycle patterns.

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