Neoclassical life-cycle consumption: a textbook example
详细信息 查看全文
- 作者：Monika B¨¹tler
- 关键词：Keywords and Phrases ; Life ; cycle consumption profiles ; Consumption ; income correlation.
- 刊名：Economic Theory
- 出版年：2001
- 出版时间：January 2001
- 年：2001
- 卷：17
- 期：1
- 页码：209-221
- 全文大小：89 KB
文摘
We present a simple neoclassical life-cycle model in continuous time, in which the effects of endogenous labor supply, uncertain lifetime, and family composition on consumption and income profiles are jointly analyzed. Due to a parsimonious specification, analytical solutions for consumption growth are available for constant intertemporal elasticity of substitution preferences. Without relying on borrowing constraints, the model can generate a hump in the consumption profile, and a comovement of consumption and income during working life.