Both young and old consumers appear to dissave too little for their behaviour to be consistent with a strict life cycle model. We concentrate on young households and document their behaviour drawing from Italian and Japanese data. We also provide a theoretical set-up which can account for the observed fact without relying on assumptions about the working of credit markets or the degree of foresight of consumers.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
3871.
Length: Date of creation: Oct 1991 Date of revision: Handle: RePEc:nbr:nberwo:3871
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