A leisurely reading of the life-cycle consumption data

• 成果类型: Article
• 署名作者: Bullard, James; Feigenbaum, James
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.06.025
• 发表日期: 2007
• 页码: 2305-2320
• 关键词: life-cycle consumption and saving; overlapping generations; consumption humps

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.