not clear cut. Contrary to the usual practice of considering the allocation of household income over consumption and …

With 20 years of PSID data, we document persistent racial differentials in life-cycle consumption dynamics. Starting … from similar positions in the consumption distribution Blacks end up in lower percentiles than Whites. Education, income … the Whites to prevent them from falling in the lower part of the consumption distribution. …

not clear cut. Contrary to the usual practice of considering the allocation of household income over consumption and …

With 20 years of PSID data, we document persistent racial differentials in life-cycle consumption dynamics. Starting … from similar positions in the consumption distribution Blacks end up in lower percentiles than Whites. Education, income … the Whites to prevent them from falling in the lower part of the consumption distribution. …

that (i) a quarter of job losers cannot borrow for current consumption, (ii) this constraint is binding for a much smaller …

light on the sharp reduction in consumption both at retirement, and in cyclical downturns. Finally, the model suggests …

patterns of consumption and income with a standard optimising model. In this paper we contest that we necessarily need a … precautionary motive and we show that if we take consumption to take proper account of the number and ages of children, then … adjusted consumption does not track income. We do not infer from this that children are the sole cause of the rise in …