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The Life-Cycle Hypothesis: An Assessment of Some Recent Evidence

Author

Listed:
  • Luigi Pistaferri

    (Stanford University, NBER, CEPR, IZA and SIEPR)

Abstract

This essay first reviews the basic empirical predictions of the life cycle hypothesis of consumption, namely that individuals should try to smooth intertemporally the marginal utility of consumption, that young workers should be accumulating resources for retirement, and that the elderly should be decumulating these resources. In the second part of the essay, we assess recent empirical evidence on these predictions.

Suggested Citation

  • Luigi Pistaferri, 2009. "The Life-Cycle Hypothesis: An Assessment of Some Recent Evidence," Rivista di Politica Economica, SIPI Spa, vol. 99(2), pages 35-65, April-Jun.
    • Handle: RePEc:rpo:ripoec:v:99:y:2009:i:2:p:35-65
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    More about this item

    Keywords

    consumption; retirement; saving;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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