An analysis assessing the sensitivity of consumption to income using a life-cycle model of consumption that incorporates the possibility of bankruptcy.

A description of two ways of adding an equation for total factor productivity to the generalized cost system of Atkinson and Halvorsen; includes a discussion of testing for regulatory biases.

An estimation of the life cycle/permanent income model with rational expectations that allows for uncertain future interest rates. Results provide ample evidence to reject this form of model during the postwar period.