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1、JournalofEconomicLiterature48(September2010):693–751http:www.aeaweb.org/articles.php?doi=10.1257/jel.48.3.693ConsumptionandSaving:ModelsofIntertemporalAllocationandTheirImplicationsforPublicPolicyOrazioP.AttanasioandGuglielmoWeber*Thispaperprovidesacriticalsurveyofthelargeliteratureon
2、thelifecyclemodelofconsumption,bothfromanempiricalandatheoreticalpointofview.Itdiscussesseveralapproachesthathavebeentakenintheliteraturetobringthemodeltothedata,theirempiricalsuccesses,andtheirfailures.Finally,thepaperreviewsanumberofchangestothestandardlifecyclemodelthatcouldhelpsol
3、vetheremainingempiricalpuzzles.1. Introductionperspective,itisdifficulttoconstructcoher-entmodelsbasedonintertemporalopti-Intheearly1950s,theprevailingmodelmizingbehaviorthatareconsistentwithofconsumptionbehaviorusedbymac-Keynes’sdescriptionofthe“fundamentalroeconomistswasinspiredbyth
4、e“funda-psychologicallaw.”Fromanempiricalpointmentalpsychologicallaw”mentionedbyofview,itseemedthatKeynes’sviewwasJohnMaynardKeynes(1936)intheGeneralinconsistentwithanumberoffacts,bothatTheory.Atthattime,thetheoreticalandthemacroandthemicrolevel.Attheaggre-empiricallimitationsofthatmo
5、delbecamegatelevel,forinstance,itwasobservedthatincreasinglyclear.Fromatheoreticalthemarginalpropensitytoconsumeoutofdisposableincomewaslowerintheshortrunthaninthelongrun.Incrosssections,onthe* Attanasio:UCL,IFS,NBER,andCEPR.Weber:UniversitàdiPadova,IFS,andCEPR.Wearegratefulotherhand,
6、savingratesseemedtochangetoaverylargenumberofpeopleforanumberofdiffer-systematicallywiththelevelofincome.entreasons.OurthinkingabouttheissuesdiscussedinthisMoreover,itwasobservedthatgroupsofpaperhasbeenparticularlyinfluencedbyasetofpeople,severalofwhomhavebeencoauthorsinseveralproject
7、s.individualswith,onaverage,lowerlevelsTheyinclude:RobAlessie,JamesBanks,RichardBlundell,ofincome(suchasblacks)hadhighersav-MartinBrowning,AngusDeaton,HamishLow,TomMaC-ingratesthanothergroupswithhigherlev-urdy,CostasMeghir,andLuigiPistaferri.Wehavediscussedmanyoftheissuescoveredinthis
8、paper
