In this paper we document significantly steeper declines in nondurable expenditures in the UK compared to the US, in … ownership and expenses, levels and paths of health status, number of household members, and out-of -pocket medical expenditures …

"In this paper we revisit two well-known facts regarding lifecycle expenditures. The first is the familiar "hump …" shaped lifecycle profile of nondurable expenditures. We document that the behavior of total nondurables masks surprising … heterogeneity in the lifecycle profile of individual sub-components. We find, for example, that while food expenditures decline …