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Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy

Orazio Attanasio and Guglielmo Weber

Journal of Economic Literature, 2010, vol. 48, issue 3, 693-751

Abstract: This paper provides a critical survey of the large literature on the life cycle model of consumption, both from an empirical and a theoretical point of view. It discusses several approaches that have been taken in the literature to bring the model to the data, their empirical successes, and their failures. Finally, the paper reviews a number of changes to the standard life cycle model that could help solve the remaining empirical puzzles.

JEL-codes: D91 E21 (search for similar items in EconPapers)
Date: 2010
Note: DOI: 10.1257/jel.48.3.693
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Citations: View citations in EconPapers (343)

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