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 …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

. We then show that our contract economy is equivalent to a consumption-savings economy with one-period Arrow securities …

. We then show that our contract economy is equivalent to a consumption-savings economy with one-period Arrow securities …

. We then show that our contract economy is equivalent to a consumption-savings economy with one-period Arrow securities …

simple function of the aggregate consumption growth rate and the growth rate of consumption of the set of households that do … not face binding enforcement constraints. These unconstrained households have lower consumption growth rates than all … other households in the economy. We use household data on consumption growth from the U.S. Consumer Expenditure Survey to …