changes in disposable income around the country's financial crisis in 2008, to plot the life-cycle path of consumption and … income for different education groups and to estimate the level of consumption smoothing. We split households into three … educated engage in more consumption smoothing than those without a university degree. We also construct a measure for marginal …

credit to finance consumption. Furthermore, workers seek to minimize the difference between investors’ and their own … consumption level. Qualitatively, an income redistribution from labor to capital leads to consumer credit dynamics that are in …