October 2010
Intermediate to advanced
1130 pages
36h 33m
English
Content preview from HANDBOOK OF LABOR ECONOMICS, VOL 4B
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Chapter 9
Earnings, Consumption and Life Cycle Choices*
Costas Meghir*, *Yale University, University College London, IFS and IZA
Luigi Pistaferri**, ** Stanford University, NBER, CEPR and IZA
Abstract
We discuss recent developments in the literature that studies how the dynamics of earnings and wages affect consumption choices over the life cycle. We start by analyzing the theoretical impact of income changes on consumption—highlighting the role of persistence, information, size and insurability of changes in economic resources. We next examine the empirical contributions, distinguishing between papers that use only income data and those that use both income and consumption data. The latter do this for two purposes. First, one can make explicit ...
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