-savings puzzle, which claims the existence of a sharp drop in consumption at the time of retirement. In contrast to previous work, I … find that consumption of the retired households is consistent with the smoothing behavior implied by the conventional … dramatic drop in consumption, the composition of consumption changes significantly as households move into the retirement …

, that agents are egoistic and consumption is either private or public. The main results are based on a conditional demand …

The strong consumption growth in a period of falling stock market and a moderate recession in the U.S. has sparked off … a debate about the role of housing wealth as one of the determinants of consumption. The literature is divided over the … issue whether the effect of change in the financial wealth on consumption is lower than the change in housing wealth. In …

We study empirically how close consumption-smoothing models employing present-value relationships fit data for Latin …-Test results for OLS estimates are consistent with consumption smoothing, while GLS are not. However, this last result contradicts … previous literature on this issue, which have found that Latin-American countries conform to consumption-smoothing models, with …

linear trend for consumption, and one in which consumption trend is stochastic and whose implementation is performed using … the US economy, hence eliminating cyclical variability in consumption to some extent may be desirable in those countries …

We simulate a buffer stock model of consumption at the individual level, aggregate, and estimate regressions on the … aggregated (simulated) data. Regressions of consumption on current (or lagged) disposable labor income—using the simulated …. Finally, we estimate aggregate regressions of consumption on current (or lagged) income, allowing the slope in these …