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Consumption Habits and Humps
(2015-07-10)
We show that the optimal consumption of an individual over the life cycle can have the hump shape (inverted U-shape) observed empirically if the preferences of the individual exhibit internal habit formation. In the absence ...
Consumption and Wage Humps in a Life-Cycle Model with Education
(2015-02-24)
The observed hump-shaped life-cycle pattern in individuals’ consumption cannot be explained by the classical consumption-savings model. The consensus explanation is that the hump is caused by constraints and unspanned ...
CE(X)
The Consumer Expenditure Surveys (CE or CEX) program provides data on expenditures, income, and demographic characteristics of consumers in the United States. The CE program provides these data in tables, LABSTAT database, ...