The Life-Cycle Model of Consumption and Saving

摘要

The life-cycle framework is the standard way that economists think about the intertemporal allocation of time, effort and money. The framework has a venerable history in the economics profession, with roots in the]infinite horizon models of Ramsey (1928) and Friedman (1957) and the finite horizon models of Fisher (1930) and Modigliani and Brumberg (1954).