The effects on consumption and retirement of characteristics of the life cycle, especially the length of the horizon …-cycle effects on consumption and retirement are estimated jointly for 1973 and 1975. There is a weak small effect of a more distant … effect on effort, but its magnitude is quite small. The panel from the Retirement History Survey is used, and life …

private-sector consumption in the high-budget-deficit economy of Israel during the first half of the 1980s. The paper develops … and estimates an intertemporal optimizing model of consumption choice by finite-lived individuals. The evidence supports …

that the distribution of measured consumption growth rates should be independent of variables that are exogenous to the … individual consumer when we allow for measurement error in consumption and for variation in preferences. This proposition is … tested by cross sectional regressions of individual consumption growth on a variety of variables that should not be …

Macroeconomic research on consumption has been influenced profoundly by rational expectations. First, rational … expectations together with the hypothesis of constant expected real interest rates implies that consumption should evolve as a … its failure. Three branches of the literature have developed. The first relies on the durability of consumption to explain …

We document some key facts about aggregate consumption and its subcomponents over time. We then document the behavior … of some important determinants of consumption, such as consumers' expectations about their future income, and changes in … consumption during the Great Recession can be explained by the observed drops in wealth and income expectations …

would expect that wealth accumulated before retirement would be used to augment consumption in later life, with the …The paper analyzes consumption decisions of retired workers, using Danish register data. A major puzzle, which … wealth paths using a model that emphasizes fluctuations in the marginal utility of consumption. The results show that a …

The simple one-good model of life-cycle consumption requires that consumption be continuous over retirement; yet prior … research based on partial measures of consumption or on synthetic panels indicates that spending drops at retirement, a result … that has been called the retirement-consumption puzzle. Using panel data on total spending, nondurable spending and food …

This paper summarizes five facts that have emerged from the recent literature on consumption behavior during retirement … spending changes at retirement across consumption categories. The declines in spending during retirement for the average … they transition into retirement. In particular, the literature has shown that there is substantial heterogeneity in …

based on partial spending and on synthetic panels, British and U.S. households apparently reduce consumption at retirement …. The reduction cannot be explained by the simple one-good life-cycle model, so it has been referred to as the retirement-consumption … anticipated prior to retirement, and as a consequence reduce consumption. This interpretation challenges the life-cycle model …