In this paper we ask whether households are saving enough for their retirement. We use data on income, expenditure and expenditure components to analyse patterns of behaviour at and around the time of retirement. For successive date-of-birth cohorts we compare periods of unemployment to periods...

In this paper we show how estimates of aggregate spending in the UK would be affected by using grossing weights that take account of the known dimensions of non-representativeness of the Family Expenditure Survey. Currently a uniform weighting scheme is used by the ONS. Having estiiuated a model...

Recent studies have found a negative relationship between voluntary labour market activity and the opportunity cost of time, measured by the individual's net wage. We argue that the observed negative relationship may be spurious if market and non-market labour supply are jointly determined. We...

There is much debate over whether the life-cycle model of consumption can explain consumption growth patterns patterns observed in household level data sources. We argue that once one departs from simple classroom example, or 'stripped down life-cycle model', the empirical model for consumption...

In this paper we argue that only when one uses data and arguments relating to the life-time experiences of individuals or households within an economy can one understand recent trends and patterns in saving rates. Only within this framework is it sensible to design and analyse policies to...

The adequacy of household saving for retirement has become a policy issue all around the world. The UK and US have been in the vanguard of those countries that have tried to encourage retirement saving by providing tax-favoured treatment for particular savings accounts. We consider empirical...

Recent studies have explored the possibility that limited participation in asset markets, and the stock market in particular, might explain the lack of correspondence between the sample moments of the Intertemporal Marginal Rate of Substitution and asset returns. We estimate ownership...