-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies …

. Comparison is made between the case when individuals have access to a competitive annuity market and the case of no insurance. …

to the future, implying that efficient behavioral rules should target savings directly rather than the division of …

consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce …

deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for … future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing … substitutes consumption will be temporarily reduced. …

explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure …. We derive a system of non-linear equations for income and consumption growth. A key prediction of our model is that both … variables are affected by lagged consumption as a consequence of the interplay of formal and informal contracting possibilities …