A flatter life-cycle consumption profile
Fernando Alexandre (),
Pedro Bação and
Miguel Portela ()
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Fernando Alexandre: University of Minho, Department of Economics/NIPE
No 01/2019, NIPE Working Papers from NIPE - Universidade do Minho
In this paper we report and discuss estimates of life-cycle consumption profiles obtained using microdata for Portuguese households. The estimated profiles are much flatter than the profiles usually reported in the literature for other countries, namely the Netherlands, the UK and the USA. We argue that the high degree of consumption smoothing in Portugal may be related to easier access to credit, a generous social security system and familyties. In addition, we also report estimates of cohort and business cycle effects on consumption. The estimated cohort effects are consistent with the post-war progress in standards of living. The business cycle estimates suggest that the recent debt crisis has had a strong negative impact on household consumption
Keywords: cohorts; consumption; life-cyle; microdata (search for similar items in EconPapers)
JEL-codes: D15 E21 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:nip:nipewp:01/2019
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