Can mortality risk explain the consumption hump?

Journal of Macroeconomics

Volumn 30, Issue 3, 2008, Pages 844-872

  Feigenbaum, James ^a  

^a UNIVERSITY OF PITTSBURGH   (United States)

Author keywords

Borrowing constraints; Consumption hump; Elasticity of intertemporal substitution; Mortality risk; Social security

Indexed keywords

EID: 49449114879     PISSN: 01640704     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmacro.2007.08.010     Document Type: Article

References (30)

1. Arias E. United States life tables, 2001. National Vital Statistics Reports 52 (2004) 14
2. Attanasio O.P., Banks J., Meghir C., and Weber G. Humps and bumps in lifetime consumption. Journal of Business & Economic Statistics 17 (1999) 22-35
3. Becker G.S., and Ghez G.R. The Allocation of Time and Goods Over the Life Cycle (1975), NBER and Columbia Press, New York
4. Browning M., and Crossley T.F. The life-cycle model of consumption and saving. Journal of Economic Perspectives 15 3 (2001) 3-22
5. Browning, M., Ejrnæs, M., 2002. Consumption and children. Centre for Applied Microeconometrics Working Paper 2002-06.
6. Bullard, J., Feigenbaum, J., forthcoming. A leisurely reading of the lifecycle consumption data. Journal of Monetary Economics.
7. Bütler M. Neoclassical life-cycle consumption: A textbook example. Economic Theory (2001) 209-221
8. Caliendo, F., Aadland, D., 2004. Short-term planning and the life-cycle consumption puzzle. Working Paper.
9. Carroll C.D. Buffer-stock saving and the life-cycle/permanent income hypothesis. Quarterly Journal of Economics 112 (1997) 1-55
10. Carroll C.D., and Summers L.H. Consumption growth parallels income growth: Some new evidence. In: Douglas B., and Shoven J. (Eds). National Saving and Economic Performance (1991), University of Chicago Press, Chicago
11. Chetty R. A new method of estimating risk aversion. American Economic Review 96 (2006) 1821-1834
12. Cooley T.F., and Prescott E.C. Economic growth and business cycles. In: Cooley T.F. (Ed). Frontiers of Business Cycle Research (1995), Princeton University Press, Princeton
13. Davies J.B. Uncertain lifetime, consumption, and dissaving in retirement. Journal of Political Economy 89 (1981) 561-577
14. Feigenbaum, J., 2007. Precautionary saving unfettered. Working Paper.
15. Fernández-Villaverde, J., Krueger, D., 2001. Consumption and saving over the life cycle: How important are consumer durables? Working Paper.
16. Fernández-Villaverde, J., Krueger, D., 2002. Consumption over the life cycle: Some facts from consumer expenditure survey data. Working Paper.
17. Findley, T.S., Caliendo, F., 2006. Short horizons, time inconsistency, and optimal social security. Working Paper.
18. Gross D.B., and Souleles N.S. Do liquidity constraints and interest rates matter for consumer behavior? Evidence from credit card data. Quarterly Journal of Economics 67 (2002) 149-187
19. Gourinchas P.-O., and Parker J.A. Consumption over the life cycle. Econometrica 70 (2002) 47-89
20. Hansen, G.D., İmrohoroǧlu, S., 2006. Consumption over the life cycle: The role of annuities. NBER Working Paper 12341.
21. Heckman J. Life cycle consumption and labor supply: An explanation of the relationship between income and consumption over the life cycle. American Economic Review 64 (1974) 188-194
22. Hubbard R.G., Skinner J., and Zeldes S.P. The importance of precautionary motives in explaining individual and aggregate saving. Carnegie-Rochester Conference Series on Public Policy 40 (1994) 59-125
23. Hurd M.D. Mortality risk and bequests. Econometrica 57 (1989) 779-813
24. İmrohoroǧlu A., İmrohoroǧlu S., and Joines D.H. A life cycle analysis of social security. Economic Theory 6 (1995) 83-114
25. Laibson D. Golden eggs and hyperbolic discounting. Quarterly Journal of Economics 112 (1997) 443-477
26. Ljungqvist L., and Sargent T.J. Recursive Macroeconomic Theory (2004), MIT Press, Cambridge, MA
27. McGrattan E.R., and Prescott E.C. Is the stock market overvalued?. Federal Reserve Bank of Minneapolis Quarterly Review 24 4 (2000) 20-40
28. Nagatani K. Life cycle saving: Theory and fact. American Economic Review 62 (1972) 344-353
29. Rios-Rull J.-V. Life-cycle economies and aggregate fluctuations. Review of Economic Studies 63 (1996) 465-489
30. Thurow L.C. The optimum lifetime distribution of consumption expenditures. American Economic Review 59 (1969) 324-330