Before revision:  We develop two applications that provide new evidence about the UMT. First, we find support in a survey dataset for the dynamic and time-consistent UMT in single-individual households, in the presence of nonclassical measurement error in consumption.
After revision:  We develop two applications that provide new evidence about the UMT. First, we find support in a survey data set for the dynamic and time-consistent UMT in single-individual households, in the presence of nonclassical measurement error in consumption.