are presented here. It is shown that the relationship between expected dependency rates and consumption growth depends on … two parameters: the demographically varying committed consumption and the intertemporal elasticity of substitution. Thus …, the expected path of demographic variables can provide information on the consumers’ willingness to smooth consumption …

consumption patterns. Data for six industrialized countries are used to estimate a simple model incorporating liquidity …

, the decline in state enterprise employment, emigrant remittances, and social safety nets. Income and consumption data … consumption data, however, a large decline in urban real incomes is implausible. Poverty in both the urban and the rural …