The Life-Cycle Hypothesis: An Assessment of Some Recent Evidence
This essay first reviews the basic empirical predictions of the life cycle hypothesis of consumption, namely that individuals should try to smooth intertemporally the marginal utility of consumption, that young workers should be accumulating resources for retirement, and that the elderly should be decumulating these resources. In the second part of the essay, we assess recent empirical evidence on these predictions.
Volume (Year): 99 (2009)
Issue (Month): 2 (April-June)
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