Consumption over the Life Cycle: Facts from Consumer Expenditure Survey Data
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- 1 August 2007
- journal article
- Published by MIT Press in The Review of Economics and Statistics
- Vol. 89 (3) , 552-565
- https://doi.org/10.1162/rest.89.3.552
Abstract
This paper uses Consumer Expenditure Survey data and a seminonparametric statistical model to estimate life-cycle profiles of consumption, controlling for demographics, cohort, and time effects. We construct age profiles for total and nondurable consumption as well as expenditure patterns for consumer durables. Special emphasis is placed on the comparison of different approaches to control for changes in demographics over the life cycle. We find significant humps over the life cycle for total, nondurable, and durable expenditures. Changes in householdKeywords
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