Abstract

http://ssrn.com/abstract=799927
 
 

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Consumption versus Expenditure


Mark Aguiar


University of Rochester - Department of Economics

Erik Hurst


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)


Journal of Political Economy, Vol. 113, pp. 919-948, October 2005

Abstract:     
Previous authors have documented a dramatic decline in food expenditures at the time of retirement. We show that this is matched by an equally dramatic rise in time spent shopping for and preparing meals. Using a novel data set that collects detailed food diaries for a large cross section of U.S. households, we show that neither the quality nor the quantity of food intake deteriorates with retirement status. We also show that unemployed households experience a decline in food expenditure and food consumption commensurate with the impact of job displacement on permanent income. These results highlight how direct measures of consumption distinguish between anticipated and unanticipated shocks to income whereas measures of expenditures obscure the distinction.

Accepted Paper Series





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Date posted: September 15, 2005  

Suggested Citation

Aguiar, Mark and Hurst, Erik, Consumption versus Expenditure. Journal of Political Economy, Vol. 113, pp. 919-948, October 2005. Available at SSRN: http://ssrn.com/abstract=799927

Contact Information

Mark Aguiar
University of Rochester - Department of Economics ( email )
Harkness Hall
Rochester, NY 14627
United States
Erik Hurst (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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