longitudinal age-earnings and age-consumption profiles. These profiles are simply too flat to generate substantial lifecycle …

Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are … time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which …, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data …

. Rather than raising private saving, the recent deficits have if anything coincided with reduced saving and increased … consumption. These findings suggest that realistic analysis of fiscal policies must recognize that consumers are liquidity …

the saving rate. The third section of the paper examines a crucial savings policy question. Where will extra savings go … investment. A major effect of increased savings would be to reduce capital inflows and improve American competitiveness …

in the after tax rate of return caused by tax policy are likely to bring forth significant increases in saving …

adequacy of saving. This data source is particularly rich; survey data for respondents covering the ydars 1969, 197 1( and 1953 … institutions have succeeded in redistributing the lifetime consumption of private individuals from their youth to their old age …

Compared to the U.S. national accounts, the Japanese accounts understate consumption and government spending, and … therefore overstate the national saving rate. Recently, Hayashi has recalculated Japan's national saving according to the … American Department of Commerce definition and found that from the mid-1970s until today, Japan's national saving rate is …

volume of investment. Its application to the United States economy and the economies of other major OECD nations suggests …