lower-than-expected incomes are realized. We assess the aggregate implications by estimating a consumption model with …

We analyze the saving motives of European households using micro-data from the Household Finance and Consumption Survey … (HFCS), which is conducted by the European Central Bank. We find that the rank ordering of saving motives differs greatly … saving motive of European households when the proportion of households saving for each motive is used as the criterion to …

incomes, prices, and returns in ten-period consumption-saving decisions. Our findings reveal that dynamic optimization poses … inflation and compounding returns, marked by a pronounced tendency to over-smooth consumption …Additionally, we introduce a novel budgeting calculator designed to assist with consumption planning and to collect …

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 … reducing consumption; goods and leisure are consumed jointly, suggesting their complementarity in household production; and …

fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry … reminders may increase saving, and that reminders will be more effective when they increase the salience of a specific …

, the model cannot account for the low level of consumption (or high saving) as a proportion of income observed in the data …. An examination of provincial level consumption data suggests that the absence of channels for intranational consumption … risk sharing may be an important reason why the business-cycle model has trouble accounting for Chinese consumption and …