cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

functions with a habit then gives rise to a puzzle of consumption volatility in place of the asset pricing puzzles when agents … can choose consumption and labor optimally in response to more fundamental shocks. We show that the consumption reaction … to technology shocks are too small by an order of magnitude when a utility includes a consumption habit. Moreover, once a …

The life-cycle patterns of consumption, wage and hours inequality observed in U.S. cross-section data are commonly …

This paper characterizes the solution to a consumption/savings decision problem in which one of the consumption goods …

consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining …, and (iii) the higher volatility of consumption of the wealthier. On the contrary, time-variant "keeping …-up-with-the-Joneses" weighted average consumption which plays the role of moving benchmark subsistence consumption gives the same portfolio …