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We assess the empirical validity of the life-cycle model using a time series of cross sections and a novel parametrization of preferences.
1 January 1995
We use two-and three-period overlapping-generations (OLG) models to show that entries and exits (births and deaths) produce a relationship between aggregate consumption growth and the interest rate that is fundamentally different from the individual Euler equation for consumption.
1 January 1995
1 January 1995
1 January 1995
The consumption of utilities (for example, energy and water), along with that of other goods such as food, clothing, shelter, health and education, is often thought of as something that has particular distributional significance.
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