Browning, Martin; Crossley, Thomas F. - Department of Economics, McMaster University - 2000
The life-cycle model is the standard framework which economists use to think about the intertemporal allocation of time … assesment of the life- cycle model by re-examining the empirical evidence for smoothing (1) within the year, (2)at year … models to microdata. Thus it is much too early to abandon the life-cycle model. …