choices over the life cycle. We start by analyzing the theoretical impact of income changes on consumption - highlighting the … contributions, distinguishing between papers that use only income data and those that use both income and consumption data. The …We discuss recent developments in the literature that studies how the dynamics of earnings and wages affect consumption …

decomposing income shocks into group aggregate and idiosyncratic components, allowing us to measure the extent to which each … intergenerational structure of the Panel Study of Income Dynamics. We find that over 60% of shocks to household income are potentially …

We specify a structural life-cycle model of consumption, labour supply and job mobility in an economy with search … heterogeneity. Our model allows for four main social insurance programmes. In contrast to simpler models that attribute all income … ; precautionary savings …

capital accumulation: One is the introduction of an Earned Income Tax Credit in Germany, and the other is a reform to …