Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy

American economic review

1992 • 16,670 citations

Journal of economic literature

1996 • 10,163 citations

A Theory of the Allocation of Time

1965 • 9,960 citations

The American Economic Review

2012 • 7,538 citations

Golden Eggs and Hyperbolic Discounting

1997 • 6,007 citations

The equity premium: A puzzle

1985 • 5,686 citations

By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior

1999 • 5,300 citations

Asset Prices in an Exchange Economy

1978 • 5,134 citations

Time Discounting and Time Preference: A Critical Review

2002 • 4,467 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework

1989 • 4,242 citations

Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles

2004 • 3,950 citations

Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence

1978 • 3,343 citations

An intertemporal asset pricing model with stochastic consumption and investment opportunities

1979 • 2,786 citations

Myopia and Inconsistency in Dynamic Utility Maximization

1955 • 2,700 citations

Uninsured Idiosyncratic Risk and Aggregate Saving

1994 • 2,672 citations

The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior

2001 • 2,647 citations

Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth

2007 • 2,315 citations

Income and Wealth Heterogeneity in the Macroeconomy

1998 • 2,297 citations

Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving

2004 • 2,249 citations

Some empirical evidence on dynamic inconsistency

1981 • 2,240 citations

Psychology and Economics: Evidence from the Field

2009 • 2,234 citations

Consumption and Liquidity Constraints: An Empirical Investigation

1989 • 1,944 citations

Temporal Resolution of Uncertainty and Dynamic Choice Theory

1978 • 1,849 citations

Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models

1982 • 1,846 citations

Consumption Over the Life Cycle

2002 • 1,811 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis

1991 • 1,765 citations

Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns

1983 • 1,611 citations

Rational Household Labor Supply

1988 • 1,606 citations

Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis

1997 • 1,594 citations

Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives

1986 • 1,564 citations

Tying Odysseus to the Mast: Evidence From a Commitment Savings Product in the Philippines

2006 • 1,550 citations

Saving and Liquidity Constraints

1991 • 1,535 citations

Intertemporal Substitution in Consumption

1988 • 1,533 citations

Risk and Insurance in Village India

1994 • 1,530 citations

On Second-Best National Saving and Game-Equilibrium Growth

1968 • 1,390 citations

The Adjustment of Consumption to Changing Expectations About Future Income

1981 • 1,326 citations

Saving and Uncertainty: The Precautionary Demand for Saving

1968 • 1,324 citations

Redistributive taxation in a simple perfect foresight model

1985 • 1,310 citations

Toward a Theory of Discounted Repeated Games with Imperfect Monitoring

1990 • 1,277 citations

Temptation and Self-Control

2001 • 1,226 citations

The consumption of stockholders and nonstockholders

1991 • 1,223 citations

Paying Not to Go to the Gym

2006 • 1,096 citations

The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence

1992 • 1,076 citations

Why do so Few Hold Stocks?

1995 • 1,060 citations

Risk and Insurance in a Rural Credit Market: An Empirical Investigation in Northern Nigeria

1994 • 1,059 citations

The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation

2001 • 1,028 citations

A Simple Test of Consumption Insurance

1991 • 1,014 citations

Limited Asset Market Participation and the Elasticity of Intertemporal Substitution

2002 • 1,012 citations

Precautionary Saving and Social Insurance

1995 • 983 citations

Discount Rates Inferred from Decisions: An Experimental Study

1989 • 948 citations

Debt-Constrained Asset Markets

1993 • 925 citations

The Effect of Uncertainty on Saving Decisions

1970 • 910 citations

Consumption Inequality and Partial Insurance

2008 • 905 citations

Household Expenditure and the Income Tax Rebates of 2001

2006 • 897 citations

The use of time series processes to model the error structure of earnings in a longitudinal data analysis

1982 • 887 citations

Who is Credit Constrained in the U. S. Economy?

1990 • 820 citations

Intertemporal Choice and Inequality

1994 • 799 citations

Implications of Efficient Risk Sharing without Commitment

1996 • 775 citations

Efficiency, Equilibrium, and Asset Pricing with Risk of Default

2000 • 772 citations

Does Income Inequality Lead to Consumption Inequality? Evidence and Theory1

2006 • 741 citations

Consumption versus Expenditure

2005 • 728 citations

The Response of Household Consumption to Income Tax Refunds

1999 • 723 citations

What Accounts for the Variation in Retirement Wealth Among U.S. Households?

2001 • 723 citations

An Empirical Model of Labor Supply in a Life-Cycle Setting

1981 • 709 citations

Full Insurance in the Presence of Aggregate Uncertainty

1991 • 702 citations

Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing

1996 • 683 citations

Reciprocity without commitment

1993 • 674 citations

The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households

1982 • 671 citations

Housing Collateral, Consumption Insurance, and Risk Premia: An Empirical Perspective

2005 • 640 citations

Informal Insurance Arrangements with Limited Commitment: Theory and Evidence from Village Economies

2002 • 639 citations

Repeated Moral Hazard

1985 • 635 citations

Optimal Defaults and Active Decisions^*

2009 • 630 citations

On the Covariance Structure of Earnings and Hours Changes

1989 • 623 citations

Permanent Income, Current Income, and Consumption

1990 • 622 citations

Income Variance Dynamics and Heterogeneity

2003 • 613 citations

Redistributive taxation as social insurance

1980 • 610 citations

Consumption decisions under uncertainty

1972 • 593 citations

Why is Consumption So Smooth?

1989 • 592 citations

Consumption puzzles and precautionary savings

1990 • 578 citations

The Reaction of Household Consumption to Predictable Changes in Social Security Taxes

1999 • 574 citations

Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey

1995 • 571 citations

Why Are Saving Rates of Urban Households in China Rising?

2009 • 571 citations

Consumption Growth, the Interest Rate and Aggregation

1993 • 563 citations

International Business Cycles with Endogenous Incomplete Markets

2002 • 561 citations

The Effects of Male and Female Labor Supply on Commodity Demands

1991 • 550 citations

The response of consumption to income

1991 • 546 citations

Are Americans Saving “Optimally” for Retirement?

2006 • 530 citations

On Efficient Distribution with Private Information

1992 • 520 citations

Separable Utility and Aggregation

1959 • 519 citations

Dynamic Choices of Hyperbolic Consumers

2001 • 518 citations

Parental Altruism and Inter Vivos Transfers: Theory and Evidence

1997 • 514 citations

Relative Wage Movements and the Distribution of Consumption

1996 • 513 citations

Does Saving Anticipate Declining Labor Income? An Alternative Test of the Permanent Income Hypothesis

1987 • 506 citations

Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods

1990 • 505 citations

The Chinese Saving Puzzle and the Life-Cycle Hypothesis

2004 • 503 citations

The importance of precautionary motives in explaining individual and aggregate saving

1994 • 500 citations

Life-Cycle Prices and Production

2007 • 493 citations

Reconciling conflicting evidence on the elasticity of intertemporal substitution: A macroeconomic perspective

2006 • 486 citations

Self-Control and the Theory of Consumption

2003 • 478 citations

Habit Formation in Consumer Preferences: Evidence from Panel Data

2000 • 478 citations

Self-Enforcing Wage Contracts

1988 • 458 citations

Optimal Indirect and Capital Taxation

2003 • 456 citations

Explaining Changes in Female Labor Supply in a Life-Cycle Model

2008 • 450 citations

Measuring Intertemporal Substitution: The Role of Durable Goods

1998 • 445 citations

An Equilibrium Model with Restricted Stock Market Participation

1998 • 444 citations

The permanent income hypothesis: A theoretical formulation

1977 • 440 citations

The Time Series Consumption Function Revisited

1985 • 416 citations

The Reaction of Consumer Spending and Debt to Tax Rebates—Evidence from Consumer Credit Data

2007 • 411 citations

Consumer Response to Tax Rebates

2003 • 404 citations

A Parsimonious Macroeconomic Model for Asset Pricing

2009 • 400 citations

Learning Your Earning: Are Labor Income Shocks Really Very Persistent?

2007 • 390 citations

Income fluctuation and asymmetric information: An example of a repeated principal-agent problem

1990 • 387 citations

International Lending with Moral Hazard and Risk of Repudiation

1991 • 380 citations

Risk-Sharing between and within Families

1996 • 362 citations

Imperfect Commitment, Altruism, and the Family: Evidence from Transfer Behavior in Low-Income Rural Areas

2001 • 351 citations

Household Intertemporal Behaviour: A Collective Characterization and a Test of Commitment

2007 • 350 citations

Consumption Inequality and Income Uncertainty

1998 • 349 citations

Consumer Demand and the Life-Cycle Allocation of Household Expenditures

1994 • 348 citations

Intertemporal Substitution in Macroeconomics

1985 • 341 citations

Do Consumers React to Anticipated Income Changes? Evidence from the Alaska Permanent Fund

2003 • 331 citations

Consumption smoothing in island economies: Can public insurance reduce welfare?

2000 • 329 citations

Collective Household Models: Principles and Main Results

2002 • 317 citations

Taxation, Saving, and the Rate of Interest

1978 • 310 citations

The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates

2001 • 298 citations

Commitment vs. Flexibility

2006 • 296 citations

Computing Multi-Period, Information-Constrained Optima

1991 • 287 citations

Asset Holding and Consumption Volatility

2002 • 286 citations

Dynamic Optimal Taxation with Private Information

2006 • 284 citations

Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases

1994 • 276 citations

Social Security and Households' Saving

2003 • 276 citations

Measuring Self-Control Problems

2007 • 272 citations

The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach

2009 • 262 citations

For Better or for Worse

2004 • 262 citations

A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence

2008 • 260 citations

Concavity of the Consumption Function with

2014 • 258 citations

The Interaction Between Time-Nonseparable Preferences and Time Aggregation

1993 • 256 citations

Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption

1989 • 255 citations

Wealth-varying intertemporal elasticities of substitution: Evidence from panel and aggregate data

1996 • 246 citations

Risk Sharing and Information in Village Economies

1998 • 241 citations

Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations

2007 • 231 citations

Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom

2003 • 228 citations

Liquidity Constrained Markets Versus Debt Constrained Markets

2001 • 225 citations

Efficient Allocations with Hidden Income and Hidden Storage

2001 • 218 citations

The UK Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence

1994 • 217 citations

The Permanent Income Hypothesis and Consumption Durability: Analysis Based on Japanese Panel Data

1985 • 216 citations

CREDIT CONSTRAINTS IN THE MARKET FOR CONSUMER DURABLES: EVIDENCE FROM MICRO DATA ON CAR LOANS*

2008 • 216 citations

Land of addicts? an empirical investigation of habit‐based asset pricing models

2009 • 214 citations

Owner-Occupied Housing as a Hedge Against Rent Risk*

2005 • 212 citations

Household Choices in Equilibrium

1990 • 209 citations

Heterogeneity in Intra-Monthly Consumption Patterns, Self-Control, and Savings at Retirement

2009 • 195 citations

Adjustment costs, durables, and aggregate consumption

1985 • 195 citations

Rational Expectations, Econometric Exogeneity, and Consumption

1978 • 190 citations

Mutual Insurance, Individual Savings, and Limited Commitment

2000 • 187 citations

The Saving Behaviour of a Two‐person Household

2000 • 180 citations

Repeated principal-agent relationships with lending and borrowing

1985 • 175 citations

Saving and Income Smoothing in Côte d'Ivoire1

1992 • 173 citations

Estimating Euler equations

2003 • 168 citations

Shocks, Stocks, and Socks: Smoothing Consumption Over a Temporary Income Loss

2009 • 164 citations

Consumption During Retirement: The Missing Link in the Life Cycle

1984 • 160 citations

Uncertainty and Consumer Durables Adjustment

2005 • 155 citations

Uncertainty resolution and the timing of annuity purchases

1993 • 150 citations

The Comparative Statics of Changes in Risk Revisited

1995 • 150 citations

Intertemporal Nonseparability or Borrowing Restrictions? A Disaggregate Analysis using a U.S. Consumption Panel

1996 • 150 citations

Retirement and Consumption in a Life Cycle Model

2008 • 149 citations

The Consumption Response to Predictable Changes in Discretionary Income: Evidence from the Repayment of Vehicle Loans

2008 • 144 citations

The Market Price of Aggregate Risk and the Wealth Distribution

2009 • 143 citations

THE CONSUMPTION FUNCTION WHEN CAPITAL MARKETS ARE IMPERFECT: THE PERMANENT INCOME HYPOTHESIS RECONSIDERED

1973 • 141 citations

On Testing for Full Insurance using Consumer Expenditure Survey Data

1994 • 135 citations

Heterogeneity in Financial Market Participation: Appraising its Implications for the C-CAPM*

2004 • 133 citations

The Retirement‐Consumption Puzzle and Involuntary Early Retirement: Evidence from the British Household Panel Survey

2006 • 131 citations

Why Is Consumption More Log Normal than Income? Gibrat’s Law Revisited

2009 • 125 citations

Consumption and Habits: Evidence from Panel Data

2004 • 122 citations

Consumer Durables and Inertial Behaviour: Estimation and Aggregation of (S, s) Rules for Automobile Purchases

2000 • 117 citations

The Estimation of "Surprise" Models and the "Surprise" Consumption Function

1986 • 117 citations

Saving and growth: Evidence from micro data

1996 • 117 citations

Liquidity Considerations in the Theory of Consumption

1978 • 105 citations

Asset Pricing Implications of Pareto Optimality with Private Information

2009 • 104 citations

Luxuries Are Easier to Postpone: A Proof

2000 • 102 citations

Estimating Models with Intertemporal Substitution Using Aggregate Time Series Data

1990 • 98 citations

Limited commitment and crowding out of private transfers: evidence from a randomised experiment

2003 • 97 citations

Intertemporal Choice and Consumption Mobility

2006 • 95 citations

Humps and Bumps in Lifetime Consumption

1999 • 92 citations

What Level of Fixed Costs Can Reconcile Consumption and Stock Returns?

1999 • 90 citations

Consumer Credit: Evidence from Italian Micro Data

2005 • 80 citations

Expenditure on Durable Goods: A Case for Slow Adjustment

1990 • 79 citations

Aggregate precautionary savings: when is the third derivative irrelevant?

2001 • 67 citations

4. Models with Heterogeneous Agents

1995 • 59 citations

Wage shocks and consumption variability in Mexico during the 1990s

2003 • 59 citations

On the Long Run Implications of Repeated Moral Hazard

1998 • 57 citations

Formal and Informal Risk Sharing in LDCs: Theory and Empirical Evidence

2008 • 54 citations

Did Japan's shopping coupon program increase spending?

2010 • 49 citations

Liquidity Constraints and Intertemporal Consumer Optimization: Theory and Evidence from Durable Goods

1995 • 49 citations

How does consumption change upon retirement?

2009 • 46 citations

Endogenous Debt Constraints in Lifecycle Economies

2003 • 40 citations

Changing Consumption Patterns

2002 • 38 citations

What Really Happened to Consumption Inequality in the United States?

2007 • 37 citations

The Italian Recession of 1993: Aggregate Implications of Microeconomic Evidence

1999 • 32 citations

Effect of Income Changes on the Rate of Saving

1949 • 22 citations

Unemployment Risk, Labour Force Participation and Savings

2003 • 20 citations

Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility

2001 • 19 citations

Consumption, leisure and earnings-related liquidity constraints

1988 • 16 citations

Consumption and habit formation when time horizon is finite

2009 • 13 citations

Earnings-Related Borrowing Restrictions: Empirical Evidence from a Pseudo Panel for the U.K.

1993 • 11 citations

An essay on the Life Cycle: Characterizing intertemporal behavior with uncertainty, human capital, taxes, durables, imperfect capital markets, and non-separable preferences

1999 • 6 citations