consumption, controlling for demographics, cohort and time effects. In addition to documenting profiles for total and nondurable … consumption, we devote special attention to the age expenditure pattern for consumer durables. We find hump-shaped paths over the … that households do not smooth consumption over their lifetimes. This is especially the case for services from consumer …

The life-cycle theory of consumption draws a well-established distinction between the implications for consumption of …' price expectations are influencial in determining the consumption repsonse to shocks. …

decision to deleverage has negative implications for household consumption. …