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.
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页码：209 / 221
页数：13
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