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Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey
In this paper we show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level data. We
Capital in the 21st Century
On 19 December 2014, the Centre for Economic Policy Research and the Bank of England hosted a discussion forum based around Thomas Piketty’s book, Capital in the twenty-first century, with a number
Consumption Growth, the Inter-est Rate and Aggregation
In this paper we present empirical evidence on aggregation problems with Euler equations for consumption. Our main results are: estimates of the elasticity of intertemporal substitution for
Explaining Changes in Female Labor Supply in a Life-Cycle Model
We study the life cycle labour force participation of three cohorts of American women: those born in the 1930s, 1940s and 1950s. We document the large shifts in labour supply behaviour among these
Humps and Bumps in Lifetime Consumption
In this paper we argue that once one departs from the simple classroom example, or `stripped down life-cycle model,' the empirical model for consumption growth can be made flexible enough to fit the
Trade Reforms and Wage Inequality in Colombia
Book description: In this volume, world-renowned contributors, including Martin Ravallion, Michael Kremer and Robert Townsend, deal with the institutional characteristics of poverty resulting from
Consumption Over the Life Cycle and Over the Business Cycle
The main aim of this paper is to assess the validity of the life cycle model of consumption. In particular, we address an issue that has recently received much attention, especially in the
Relative Wage Movements and the Distribution of Consumption
We analyze how relative wage movements among birth cohorts and education groups affected the distribution of household consumption and economic welfare. Our empirical work draws on the best available
Education Choices in Mexico: Using a Structural Model and a Randomized Experiment to evaluate Progresa.∗
In this paper we evaluate the effect of a large welfare program in rural Mexico. For such a purpose we use an evaluation sample that includes a number of villages where the program was not
The Impacts of Microfinance: Evidence from Joint-Liability Lending in Mongolia
We present evidence from a randomized field experiment in rural Mongolia to assess the poverty impacts of a joint-liability microcredit program targeted at women. We find a positive impact of access