《金融学教学课件》bodie2e_chapter05复习课程.pptVIP

Chapter 5:  Household Saving and Investment Decisions Objective Financial decisions in an uncertain world; Human capital, permanent income decisions over life cycle 5.1 A Life-Cycle Model of Saving Assume that you are currently 35 years old, expect to retire in 30 years at 65, and then live for 15 more years until 80 Your real labor income is $30,000/year until age 65 Interest rates exceed inflation by 3%/ year How Much Should I Save and Consume? Consider two approaches: Target replacement rate of pre-retirement income Maintain the same level of consumption spending Target replacem