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This paper investigates whether the consumption of rich households provides a reference point in the consumption choices of non-rich households from an intertemporal perspective. Using UK household data on food consumption, we estimate the Euler equation implied by a life-cycle model...
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This paper analyses incomes and socioeconomic status of internal migrants over time and in comparison to their new … neighbors and investigates whether status consumption is a way for newly arrived city dwellers to signal their social standing …. Using a novel dataset from the emerging economy of Kazakhstan we find that internal migrants earn an income and status …
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Approximately 15 percent of households have a negative or zero net worth, leaving them vulnerable to financial insecurity at retirement. Some are vulnerable at retirement, in part, due to their lack of saving. However, some are also at risk because of their rates of consumption, relative to...
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