CHANGES IN CONSUMPTION AT RETIREMENT: EVIDENCE FROM PANEL DATA

• 成果类型: Article
• 署名作者: Aguila, Emma; Attanasio, Orazio; Meghir, Costas
• 署名单位: University of London; University College London; University of London; London School Economics & Political Science
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00140
• 发表日期: 2011-08
• 页码: 1094-1099
• 关键词: puzzle

摘要

Previous empirical literature has found a sharp decline in consumption during the first years of retirement, implying that individuals do not save enough for their retirement. This phenomenon is called the retirement consumption puzzle. We find no evidence of the retirement consumption puzzle using panel data from 1980 to 2000. Consumption is defined as nondurable expenditure, a more comprehensive measure than only food used in many of the previous studies. We find that food expenditure declines at retirement, which is consistent with previous studies.