Neoclassical life-cycle consumption:: a textbook example

被引：34

作者：

Bütler, M ^{[1
]}

机构：

[1] Tilburg Univ, CentER Econ Res, Tilburg, Netherlands

[2] Univ Lausanne, HEC, Dept Econometrie & Econ Polit, CH-1004 Lausanne, Switzerland

来源：

ECONOMIC THEORY | 2001年 / 17卷 / 01期

关键词：

life-cycle consumption profiles; consumption-income correlation;

D O I：

10.1007/PL00004098

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：209 / 221

页数：13

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