On testing the life cycle model using cross-section data. From: Atlantic Economic Journal | Date: March 1, 1992| Author: Smyth, David J. | COPYRIGHT 1992 Atlantic Economic Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

One must be wary of advocating the life cycle model just because the consumption-age profile seems to have the correct shape. An inverted U-shaped pattern is usually observed when the average propensity to consume (APC) is plotted against age. Adherents of the life cycle theory regard this as providing support for the theory.

There are two weaknesses with this approach. First, not just any inverted. U-shaped pattern of saving is consistent with the life cycle hypothesis ...

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