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Life Cycle Consumption and Labor Supply: An Explanation of the Relationship Between Income and Consumption Over the Life Cycle

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Cited by:

  1. Korok Ray, 2007. "Performance Evaluations and Efficient Sorting," Journal of Accounting Research, Wiley Blackwell, vol. 45(4), pages 839-882, September.
  2. Kevin Huang & Frank Caliendo, 2011. "Rationalizing multiple consumption-saving puzzles in a unified framework," Frontiers of Economics in China, Springer;Higher Education Press, vol. 6(3), pages 359-388, September.
  3. Jonathan Heathcote, 2005. "Fiscal Policy with Heterogeneous Agents and Incomplete Markets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(1), pages 161-188.
  4. Jorge González-Chapela, 2007. "On the Price of Recreation Goods as a Determinant of Male Labor Supply," Journal of Labor Economics, University of Chicago Press, vol. 25(4), pages 795-824.
  5. Caliendo, Frank & Aadland, David, 2007. "Short-term planning and the life-cycle consumption puzzle," Journal of Economic Dynamics and Control, Elsevier, vol. 31(4), pages 1392-1415, April.
  6. Holger Kraft & Claus Munk & Frank Thomas Seifried & Sebastian Wagner, 2017. "Consumption habits and humps," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(2), pages 305-330, August.
  7. Park, Hyeon, 2023. "Bounded rationality and optimal retirement age," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
  8. Han, Nan-Wei & Hung, Mao-Wei, 2021. "The annuity puzzle and consumption hump under ambiguous life expectancy," Insurance: Mathematics and Economics, Elsevier, vol. 100(C), pages 76-88.
  9. Thomas H. Jørgensen, 2017. "Life-Cycle Consumption and Children: Evidence from a Structural Estimation," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 79(5), pages 717-746, October.
  10. Feigenbaum, James, 2008. "Can mortality risk explain the consumption hump?," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 844-872, September.
  11. Wong, Arlene, 2014. "Population Aging and the Aggregate Effects of Monetary Policy," MPRA Paper 57096, University Library of Munich, Germany.
  12. Park, Hyeon & Feigenbaum, James, 2018. "Bounded rationality, lifecycle consumption, and Social Security," Journal of Economic Behavior & Organization, Elsevier, vol. 146(C), pages 65-105.
  13. Mark Aguiar & Erik Hurst, 2013. "Deconstructing Life Cycle Expenditure," Journal of Political Economy, University of Chicago Press, vol. 121(3), pages 437-492.
  14. Domeij David & Johannesson Magnus, 2006. "Consumption and Health," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-30, May.
  15. Martina Celidoni & Chiara Dal Bianco & Vincenzo Rebba & Guglielmo Weber, 2020. "Retirement and Healthy Eating," Fiscal Studies, John Wiley & Sons, vol. 41(1), pages 199-219, March.
  16. Kelly, Mark, 2020. "Medicare for all or medicare for none? A macroeconomic analysis of healthcare reform," Journal of Macroeconomics, Elsevier, vol. 63(C).
  17. Jeremy Lise & Ken Yamada, 2019. "Household Sharing and Commitment: Evidence from Panel Data on Individual Expenditures and Time Use," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(5), pages 2184-2219.
  18. Richard Blundell & Luigi Pistaferri & Itay Saporta-Eksten, 2016. "Consumption Inequality and Family Labor Supply," American Economic Review, American Economic Association, vol. 106(2), pages 387-435, February.
  19. Panos Pashardes & Alexandros Polycarpou, 2015. "A backward-bending and forward-falling semi-log model of labour supply," University of Cyprus Working Papers in Economics 03-2015, University of Cyprus Department of Economics.
  20. Elena Capatina, 2012. "Life Cycle Effects of Health Risk," Working Papers 201216, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
  21. Davide Dragone & Paolo Vanin, 2022. "Substitution Effects in Intertemporal Problems," American Economic Journal: Microeconomics, American Economic Association, vol. 14(3), pages 791-809, August.
  22. Agnes Kovacs & Hamish Low & Patrick Moran, 2021. "Estimating Temptation And Commitment Over The Life Cycle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(1), pages 101-139, February.
  23. Heathcote, Jonathan & Storesletten, Kjetil & Violante, Giovanni L., 2008. "Insurance and opportunities: A welfare analysis of labor market risk," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 501-525, April.
  24. Adrien Auclert, 2019. "Monetary Policy and the Redistribution Channel," American Economic Review, American Economic Association, vol. 109(6), pages 2333-2367, June.
  25. Casey B. Mulligan, 1999. "Substitution over Time: Another Look at Life-Cycle Labor Supply," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 75-152, National Bureau of Economic Research, Inc.
  26. Alessandro Bucciol, 2007. "Life-Cycle Models, Economic Puzzles and Temptation Preferences," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 66(1), pages 115-144, March.
  27. Storesletten, Kjetil & Violante, Giovanni & Heathcote, Jonathan, 2005. "Insurance and Opportunities: The Welfare Implications of Rising Wage Dispersion," CEPR Discussion Papers 5200, C.E.P.R. Discussion Papers.
  28. Johan Gustafsson, 2021. "Age-Targeted Income Taxation, Labor Supply, and Retirement," CESifo Working Paper Series 8988, CESifo.
  29. Richard Blundell & Luigi Pistaferri & Itay Saporta-Eksten, 2018. "Children, Time Allocation, and Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 126(S1), pages 73-115.
  30. Orazio P. Attanasio & Guglielmo Weber, 2010. "Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy," Journal of Economic Literature, American Economic Association, vol. 48(3), pages 693-751, September.
  31. Edward Lazear, 1983. "Intergenerational Externalities," Canadian Journal of Economics, Canadian Economics Association, vol. 16(2), pages 212-228, May.
  32. Michael Woodford, 1994. "Structural Slumps," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1784-1815, December.
  33. James Feigenbaum & Geng Li, 2008. "Lifecycle Dynamics of Income Uncertainty and Consumption," Working Paper 360, Department of Economics, University of Pittsburgh, revised Jul 2008.
  34. Hamish Low & Costas Meghir & Luigi Pistaferri, 2010. "Wage Risk and Employment Risk over the Life Cycle," American Economic Review, American Economic Association, vol. 100(4), pages 1432-1467, September.
  35. Daniel Friedman & József Sákovics, 2015. "Tractable consumer choice," Theory and Decision, Springer, vol. 79(2), pages 333-358, September.
  36. Stephan Humpert & Christian Pfeifer, 2013. "Explaining age and gender differences in employment rates: a labor supply-side perspective [Eine Erklärung alters- und geschlechtsspezifischer Unterschiede in den Beschäftigungsquoten: Die Sicht de," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 46(1), pages 1-17, March.
  37. Dagmar Brožová, 2010. "Individual Labour Supply Decisions with Respect To Household Production and Over the Life Cycle [Rozhodování o individuální nabídce práce s ohledem na produkci domácnosti a v průběhu životního cykl," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2010(1), pages 21-33.
  38. Michał Myck, 2010. "Wages and Ageing: Is There Evidence for the ‘Inverse‐U’ Profile?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 72(3), pages 282-306, June.
  39. Martin Browning & Thomas F. Crossley, 2001. "The Life-Cycle Model of Consumption and Saving," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 3-22, Summer.
  40. D. Dragone & H. Strulik, 2017. "Human Health and Aging over an Infinite Time Horizon," Working Papers wp1104, Dipartimento Scienze Economiche, Universita' di Bologna.
  41. Miriam Beblo & Sven Schreiber, 2022. "Leisure and housing consumption after retirement: new evidence on the life-cycle hypothesis," Review of Economics of the Household, Springer, vol. 20(1), pages 305-330, March.
  42. Jorge Gonzalez Chapela, 2011. "Recreation, home production, and intertemporal substitution of female labor supply: evidence on the intensive margin," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(3), pages 532-548, July.
  43. Gary Hansen & Selahattin Imrohoroglu, 2008. "Consumption over the Life Cycle: The Role of Annuities," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(3), pages 566-583, July.
  44. Feigenbaum, James & Caliendo, Frank N., 2010. "Optimal irrational behavior in continuous time," Journal of Economic Dynamics and Control, Elsevier, vol. 34(10), pages 1907-1922, October.
  45. Rogerson, Richard & Wallenius, Johanna, 2009. "Micro and macro elasticities in a life cycle model with taxes," Journal of Economic Theory, Elsevier, vol. 144(6), pages 2277-2292, November.
  46. Apps, Patricia & Rees, Ray, 2004. "Life Cycle Time Allocation and Saving in an Imperfect Capital Market," IZA Discussion Papers 1036, Institute of Labor Economics (IZA).
  47. Diwas KC & Tongil Kim, 2022. "Impact of universal healthcare on patient choice and quality of care," Production and Operations Management, Production and Operations Management Society, vol. 31(5), pages 2167-2184, May.
  48. Altonji, Joseph G. & Martins, Ana Paula & Siow, Aloysius, 2002. "Dynamic factor models of consumption, hours and income," Research in Economics, Elsevier, vol. 56(1), pages 3-59, June.
  49. Feigenbaum James A. & Li Geng, 2012. "Life Cycle Dynamics of Income Uncertainty and Consumption," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-49, May.
  50. Torres, Miguel Matos & Clegg, L. Jeremy & Varum, Celeste Amorim, 2016. "The missing link between awareness and use in the uptake of pro-internationalization incentives," International Business Review, Elsevier, vol. 25(2), pages 495-510.
  51. Glewwe, Paul & Jacoby, Hanan G., 2004. "Economic growth and the demand for education: is there a wealth effect?," Journal of Development Economics, Elsevier, vol. 74(1), pages 33-51, June.
  52. Jesus Fernández-Villaverde & Dirk Krueger, 2007. "Consumption over the Life Cycle: Facts from Consumer Expenditure Survey Data," The Review of Economics and Statistics, MIT Press, vol. 89(3), pages 552-565, August.
  53. Kris Jacobs, 2001. "Estimating Nonseparable Preference Specifications for Asset Market Participants," CIRANO Working Papers 2001s-12, CIRANO.
  54. Bram De Rock & Bart Capéau, 2015. "The implications of household size and children for life-cycle saving," Working Paper Research 286, National Bank of Belgium.
  55. Arnaud Chéron & Jean-Olivier Hairault & François Langot, 2013. "Life-Cycle Equilibrium Unemployment," Journal of Labor Economics, University of Chicago Press, vol. 31(4), pages 843-882.
  56. Deng, Yuanyuan & Fang, Hanming & Hanewald, Katja & Wu, Shang, 2023. "Delay the Pension Age or Adjust the Pension Benefit? Implications for Labor Supply and Individual Welfare in China," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 1192-1215.
  57. James Feigenbaum & Geng Li, 2010. "A semiparametric characterization of income uncertainty over the life cycle," Finance and Economics Discussion Series 2010-42, Board of Governors of the Federal Reserve System (U.S.).
  58. Fitzsimons, Emla & Malde, Bansi & Mesnard, Alice & Vera-Hernández, Marcos, 2016. "Nutrition, information and household behavior: Experimental evidence from Malawi," Journal of Development Economics, Elsevier, vol. 122(C), pages 113-126.
  59. Parsons, Donald O., 2016. "Moral-Hazard-Free First-Best Unemployment Insurance," IZA Discussion Papers 9824, Institute of Labor Economics (IZA).
  60. Emin Gahramanov & Xueli Tang, 2016. "Impatient in Experiments, but Patient in Simulations: A Challenge to the Heckman-Type Model," The Economic Record, The Economic Society of Australia, vol. 92(297), pages 268-290, June.
  61. Meta Brown & John Karl Scholz & Ananth Seshadri, 2012. "A New Test of Borrowing Constraints for Education," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(2), pages 511-538.
  62. Jean-Olivier Hairault & Francois Langot & Arnaud Cheron, 2007. "Job creation and job destruction over the life cycle," 2007 Meeting Papers 431, Society for Economic Dynamics.
  63. Xuna Zhang & Shijing Nan & Shanbing Lu & Minna Wang, 2022. "Spatial Effects of Air Pollution on the Siting of Enterprises: Evidence from China," IJERPH, MDPI, vol. 19(21), pages 1-18, November.
  64. James Sefton & Justin Van De Ven & Martin Weale, 2008. "Means Testing Retirement Benefits: fostering equity or discouraging savings?," Economic Journal, Royal Economic Society, vol. 118(528), pages 556-590, April.
  65. Robert H. Topel & Finis Welch, 1986. "Efficient Labor Contracts with Employment Risk," RAND Journal of Economics, The RAND Corporation, vol. 17(4), pages 490-507, Winter.
  66. Reichling, Felix, 2006. "Optimal Unemployment Insurance in Labor Market Equilibrium when Workers can Self-Insure," MPRA Paper 5362, University Library of Munich, Germany, revised 16 Oct 2007.
  67. Orazio P. Attanasio & Martin Browning, 1994. "Testing the life cycle model consumption: what can we learn from micro and macro data?," Investigaciones Economicas, Fundación SEPI, vol. 18(3), pages 433-463, September.
  68. Erik Hurst, 2008. "The Retirement of a Consumption Puzzle," NBER Working Papers 13789, National Bureau of Economic Research, Inc.
  69. Chen, Guodong & Lee, Minjoon & Nam, Tong-yob, 2020. "Forced retirement risk and portfolio choice," Journal of Empirical Finance, Elsevier, vol. 58(C), pages 293-315.
  70. Takeshi Yagihashi & Juan Du, 2023. "Intertemporal elasticity of substitution with leisure margin," Review of Economics of the Household, Springer, vol. 21(4), pages 1473-1504, December.
  71. D. Dragone & P. Vanin, 2015. "Price Effect in the Short and in the Long Run," Working Papers wp1040, Dipartimento Scienze Economiche, Universita' di Bologna.
  72. Caputo, Michael R. & Levy, Amnon, 2012. "A theory of mood-influenced consumption and investment in health," Mathematical Social Sciences, Elsevier, vol. 63(3), pages 218-227.
  73. Orazio Attanasio, 1997. "Consumption and saving behaviour: modelling recent trends," Fiscal Studies, Institute for Fiscal Studies, vol. 18(1), pages 23-47, February.
  74. Attanasio, Orazio P., 1995. "The intertemporal allocation of consumption: theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 39-56, June.
  75. Gustafsson, Johan, 2021. "Age-Targeted Income Taxation, Labor Supply, and Retirement," Umeå Economic Studies 985, Umeå University, Department of Economics, revised 01 Mar 2021.
  76. Ben J. Heijdra & Laurie S. M. Reijnders, 2016. "Human Capital Accumulation and the Macroeconomy in an Ageing Society," De Economist, Springer, vol. 164(3), pages 297-334, September.
  77. Dinghai Xu, 2009. "The Applications of Mixtures of Normal Distributions in Empirical Finance: A Selected Survey," Working Papers 0904, University of Waterloo, Department of Economics, revised Sep 2009.
  78. Frank Caliendo & Kevin X. D. Huang, 2007. "Overconfidence in financial markets and consumption over the life cycle," Working Papers 07-3, Federal Reserve Bank of Philadelphia.
  79. James J. Heckman, 2005. "Micro Data, Heterogeneity and the Evaluation of Public Policy Part 2," The American Economist, Sage Publications, vol. 49(1), pages 16-44, March.
  80. Mesnard, Alice & Vera-Hernández, Marcos & Fitzsimons, Emla & Malde, Bansi, 2012. "Household Responses to Information on Child Nutrition: Experimental Evidence from Malawi," CEPR Discussion Papers 8915, C.E.P.R. Discussion Papers.
  81. Eatzaz Ahmad, 1995. "Progressive Taxation and the Life‐Cycle Model: An Application of the Theory of Firm," The Economic Record, The Economic Society of Australia, vol. 71(3), pages 248-258, September.
  82. Hyeon Park, 2023. "Giving and volunteering over a lifecycle," Review of Economics of the Household, Springer, vol. 21(1), pages 335-369, March.
  83. Abowd, John M & Card, David, 1987. "Intertemporal Labor Supply and Long-term Employment Contracts," American Economic Review, American Economic Association, vol. 77(1), pages 50-68, March.
  84. Strulik, Holger, 2017. "The Health Hump," Journal of Demographic Economics, Cambridge University Press, vol. 83(2), pages 245-258, June.
  85. James P. Ziliak & Thomas J. Kniesner, 2005. "The Effect of Income Taxation on Consumption and Labor Supply," Journal of Labor Economics, University of Chicago Press, vol. 23(4), pages 769-796, October.
  86. Cabanillas-Jiménez, Guillermo & Galanakis, Yannis, 2022. "The varying impact of COVID-19 in the Spanish Labor Market," GLO Discussion Paper Series 1104, Global Labor Organization (GLO).
  87. Orazio P. Attanasio, 1998. "Consumption Demand," NBER Working Papers 6466, National Bureau of Economic Research, Inc.
  88. van de Ven, Justin, 2011. "A structural dynamic microsimulation model of household savings and labour supply," Economic Modelling, Elsevier, vol. 28(4), pages 2054-2070, July.
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  91. Gary D. Hansen, "undated". "Consumption over the Life Cycle: The Role of Annuities (with Selo Imrohoroglu)," UCLA Economics Online Papers 417, UCLA Department of Economics.
  92. Hindls Richard & Marek Lubos & Hronová Stanislava, 2022. "Changes in the structure of household disposable income in selected countries as a reflection of crises after 2000," Statistics in Transition New Series, Polish Statistical Association, vol. 23(4), pages 1-19, December.
  93. Thomas H. Jørgensen, 2014. "Life-Cycle Consumption and Children," CAM Working Papers 2014_02, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
  94. Yongsung Chang & Sun-Bin Kim, 2006. "From Individual To Aggregate Labor Supply: A Quantitative Analysis Based On A Heterogeneous Agent Macroeconomy ," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(1), pages 1-27, February.
  95. Kevin X.D. Huang & Frank Caliendo, 2007. "Rationalizing Seven Consumption-Saving Puzzles in a Unified Framework," Vanderbilt University Department of Economics Working Papers 0716, Vanderbilt University Department of Economics.
  96. Naohito Abe & Noriko Inakura & Tomoaki Yamada, 2007. "Consumption, Working Hours, and Wealth Determination in a Life Cycle Model," Bank of Japan Working Paper Series 07-E-14, Bank of Japan.
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  99. Chang, Wen-ya & Tsai, Hsueh-fang & Chu, Mei-Lie & Chang, Juin-jen, 2015. "On the employment, investment and current account effects of inflation: A revisit," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 278-294.
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  101. Caliendo, Frank & Huang, Kevin X.D., 2008. "Overconfidence and consumption over the life cycle," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1347-1369, December.
  102. Sungyup Chung, 2017. "Age and Gender Group Differences in Employment Responses to Monetary Policy Shock in a Small Open Economy: The Case of Korea," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 4(2), pages 207-224, May.
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