생애주기에 따른 가계의 소비평탄화

초록

Using annual survey data from Korea Labor & Income Panel Study, we employed average cohort technique to trace and compare profile paths of total household income, labor income, consumption, savings, household size, and the number of dependents, and then estimated by panel GMM the Euler equation for consumption, derived by Attanasio and Browning (1995), and tested for consumption smoothing. The profile paths of total household income, labor income, consumption, family size and the number of dependents are inverse U-shaped while that of savings is M-shaped. Inferential results of the Euler equation led us to conclude that the elasticity of intertemporal substitution is a function of consumption level and household demographic variables, and the excess sensitivity of consumption to labor income disappears once the age of the head of household, the status of labor force participation, and other demographic variables are controlled.

키워드