saving motive by eliciting subjective expectations on future consumption. We find that expected consumption risk is higher … expectations (rather than consumption realizations, as in the existing literature) in an Euler equation for consumption, and … estimate the degree of prudence by associating expected consumption risk with expected consumption growth. Robust OLS and IV …

saving motive by eliciting subjective expectations on future consumption. We find that expected consumption risk is higher … expectations (rather than consumption realizations, as in the existing literature) in a Euler equation for consumption, and … estimate the degree of prudence by associating expected consumption risk with expected consumption growth. Robust OLS and IV …

saving motive by eliciting subjective expectations on future consumption. We find that expected consumption risk is higher … expectations (rather than consumption realizations, as in the existing literature) in a Euler equation for consumption, and … estimate the degree of prudence by associating expected consumption risk with expected consumption growth. Robust OLS and IV …

We discuss recent developments in the literature that studies how the dynamics of earnings and wages affect consumption … choices over the life cycle. We start by analyzing the theoretical impact of income changes on consumption - highlighting the … role of persistence, information, size and insurability of changes in economic resources. We next examine the empirical …

We discuss recent developments in the literature that studies how the dynamics of earnings and wages affect consumption … choices over the life cycle. We start by analyzing the theoretical impact of income changes on consumption - highlighting the … role of persistence, information, size and insurability of changes in economic resources. We next examine the empirical …