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Habit persistence, nonseparability between consumption and leisure, or rule-of-thumb consumers : which accounts for the predictability of consumption growth?

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Retirement and consumption in a life cycle model

Blau, David (contributor) - 2007

Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern. A richer version of the model is calibrated to data...