Aggregate Stochastic Implications of the Life Cycle Hypothesis
推导了Modigliani-Brumberg生命周期假说在总体层面的随机含义，发现人均消费平滑是退休储蓄和消费平滑动机下总体生命周期模型的自然结果，有助于解释人均消费变化的矩性质。
This paper sets forth some key aggregate stochastic implications of the Modigliani-Brumberg [1980] life cycle hypothesis and explores the extent to which a properly aggregated life cycle model can help to explain the first and second moment properties of changes in per capita consumption. The principal finding of the paper, which to my knowledge is new, is that smooth per capita consumption in the presence of permanent shocks to per capital labor income is exactly the outcome one should expect from a properly aggregated life cycle model in which saving for retirement, as well as for consumption smoothing, is a motive for asset accumulation.