simulation exercises to make the challenges and controversies more transparent. The chapter begins with an institutional view of …

retirement consumption puzzle has been observed as wealthy individuals do not decumulate portfolio assets efficiently during …

producing human capital. We also demonstrate that this attenuation effect tends to concentrate generational consumption risk … into an i.i.d. generational consumption shock. In other words, each generation bears all of the risk associated with their …

producing human capital.We also demonstrate that this attenuation effect tends to concentrate generational consumption risk … into an i.i.d. generational consumption shock. In other words, each generation bears all of the risk associated with their …

transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

. Results: By constructing models for age-specific RA growth and for calculating the lifetime sum of RA transfers we … increases in the past was below average health care expenditure (HCE) growth in young adults, which was only half as high … transfers remains positive as long as HCE growth rates are greater than the discount rate used in this model (3%). Moreover, the …