theoretical prediction of a simple model, determines a much lower amount of savings and wealth accumulation and therefore a lower … degree of insurance. This, in turn, contributes to persistent racial differentials in life-cycle consumption. Starting from … the same position in the consumption distribution Blacks end up in a lower percentile than Whites after a few decades …

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

We document relevant racial differences in the degree consumption insurance against shocks: Blacks appear to be less … against both income and health shocks. …

theoretical prediction of a simple model, determines a much lower amount of savings and wealth accumulation and therefore a lower … degree of insurance. This, in turn, contributes to persistent racial differentials in life-cycle consumption.Starting from … the same position in the consumption distribution Blacks end up in a lower percentile than Whites after a few decades …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions … such as those around retirement should not affect consumption. However, we first recall that given higher leisure … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use … Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We … first establish that our approach is able to closely match business cycle fluctuations of consumption from the National …

We report on a series of economic decision-making experiments exploring how individuals make lifecycle consumption and … saving plans when they face different income profiles. We find that for every income profile we consider, subjects on average … and any sudden drop in income reduces their lifetime utility. We conduct a specification search for a model to explain our …

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 … consumption inequality did not increase much over this period. Our results support the view that many permanent changes in income …

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use … Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We … first establish that our approach is able to closely match business cycle fluctuations of consumption from the National …