It has long been argued that the anticipations of some future event will impact current consumption and well-being in … model, by assuming that in addition to his own current consumption, an agent’s current utility depends upon a reference … consumption level that is based on expected future consumption. Two alternative specifications of the anticipated future …

Evaluating a new survey dataset of German consumers, we test whether individual consumption plans are formed according … to an Euler equation derived from consumption life-cycle models. Estimating several consumption Euler equations, the … results are mostly in line with the theory: We find evidence of consumption smoothing, since individual current and planned …

in non-linear labor income taxes and consumption taxes to the international differences in hours worked in the data …