^{53}Our value of the survival probability implies that 8 percent of households are older
than 100 years. To keep the model consistent we keep them in the economy. However, the results essentially do
not change—under the FBS aggregate shocks, the aggregate MPC is instead of —if we
alternatively replace the 100-year-olds with newborns (assuming they do not anticipate being replaced). This is
reasonable given the small number of such households and given that the consumption function is almost linear
at high levels of wealth.