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The first figure below shows the time path of consumption since the beginning of the downturn.
This paper examines the optimal path of consumption over time in the context of population ageing.
It also shows the time path of consumption during four previous recessions, two of them severe, 1973 and 1981, and two of them mild, 1990 and 2001.
This is costly for individuals who prefer a smooth path of consumption and are averse to periods of unemployment or poverty (Schwellnus 2011).
The first equation in Table 9 shows the path of consumption, which is the marginal productivity of capital, minus the discount rate.
It also shows the time path of consumption during four previous recessions, two of them severe, those of 1973 and 1981, and two of them mild, 1990 and 2001.
Similar(53)
Fig. 2 Life cycle paths of consumption, savings, and labor supply initial steady state.
Figure 1 shows that the time paths of consumption have the same tendency.
Combining (22), (26) with initial and terminal conditions we can find the time paths of consumption and assets.
The largest swath of them the baby boomers are on a path of declining consumption, even if their personal balance sheets are in good shape.
What used to be a bite of a blueberry muffin once in a while somehow turned into cheese quesadillas every weekend, and rather than try to reestablish my desire to be and identity as a vegan, I continued to let myself travel down a path of dairy consumption.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com