Deconstructing Lifecycle Expenditure
---- Acknowledgements -----
We thank Jesse Shapiro for early conversations which encouraged us to write this paper, as well as Eric French, Emi Nakamura and Randy Wright for detailed comments. We also thank seminar participants at the University of Rochester, the NBER Macro Perspectives Summer Institute Session, the Federal Reserve Board of Governors, Wisconsin, Harvard, Yale, Chicago, CREI, Stanford, UCLA, and the PIER/IGIER conference on inequality in macroeconomics. The research reported herein was performed pursuant to a grant from the U.S. Social Security Administration (SSA) funded as part of the Retirement Research Consortium. The opinions and conclusions expressed are solely those of the authors and do not represent the opinions or policy of SSA or any agency, the Federal Government, or the National Bureau of Economic Research.