; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The Age-Time-Cohort Problem and the Identification of Structural Parameters in Life-Cycle Models"; ; "batchuser@example.com"; "Schulhofer-Wohl, Sam"; "Federal Reserve Bank of Minneapolis"; "Age-time-cohort identification problem", "Life-cycle models"; "D91 - Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making", "C23 - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models", "J10 - Demographic Economics: General"; "A standard approach to estimating structural parameters in life-cycle models imposes sufficient assumptions on the data to identify the \"age profile\" of outcomes, then chooses model parameters so that the model's age profile matches this empirical age profile. I show that this approach is both incorrect and unnecessary: incorrect, because it generally produces inconsistent estimators of the structural parameters, and unnecessary, because consistent estimators can be obtained under weaker assumptions. I derive an estimation method that avoids the problems of the standard approach. I illustrate the method's benefits analytically in a simple model of consumption inequality and numerically by reestimating the classic life-cycle consumption model of Gourinchas and Parker (2002). "^^; "2016-06-22"; "2019-05-20T18:39:30.817839295+00:00"^^; "https://doi.org/10.21034/wp.707"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-10-25T15:47:50.831575513+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "710"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "707"; "Life-cycle models", "Age-time-cohort identification problem"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Updated version: _Federal Reserve Bank of Chicago Working Paper 2017-18_, https://www.chicagofed.org/publications/working-papers/2017/wp2017-18."^^, "Published in _Quantitative Economics_ (Vol. 9, No. 2, pp. 643-658), https://doi.org/10.3982/QE738."^^; ; "Publication" . ; .