information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk … do not impose any model structure on the consumption process. This suggests that Italian households do not have access to …

expected utility life-cycle consumption model and calibrate it with data on subjective survival beliefs from the Health and … simultaneously accommodate three important empirical findings on household saving behavior. …

agents, respectively. Pollak (1968) shows that the realized saving behavior of naive and sophisticated agents be- comes … identical for a logarithmic period-utility function. As a generalization of Pollak's analysis, we compare the saving behavior of …. This relationship holds for arbitrary survival beliefs and time-discount factors. Quantitatively, the difference in saving …

a non-expected utility model of life-cycle consumption and saving. Our analysis shows that agents with ambiguous … ambiguity-driven model therefore simultaneously accounts for three important empirical findings on household saving behavior. …

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate …, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate …, implies transitional dynamics of the saving rate that accords well with empirical evidence. This holds true even in a growth …

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate …, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries' saving …-shaped pattern of the saving rate (Goméz, 2008). However, the implied magnitude of the hump falls short of what is seen in empirical …

life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also … these biases into a rank-dependent utility (RDU) model over life-cycle consumption. The resulting consumption behavior is …

consumption commitment for most households { their monthly rent or mortgage payment. I find that non-durable and food spending … weekly, biweekly and monthly income streams but the same timing of rent/mortgage payments have very similar consumption …

We solve a rich life-cycle model of household decisions involving consumption of perishable goods and housing services …, habit formation for housing consumption, stochastic labor income, stochastic house prices, home renting and owning, stock …-dependent housing expenditure share, (iii) non-housing consumption being significantly more sensitive to wealth and income shocks than …

We set up and solve a rich life-cycle model of household decisions involving consumption of both perishable goods and …, and portfolio constraints. The model features habit formation for housing consumption, which leads to optimal decisions …) that perishable consumption is more sensitive to wealth and income shocks than housing consumption, and (iv) that non …