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Changes in Consumption at Retirement: Evidence from Panel Data

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  • Emma Aguila

    (RAND)

  • Orazio Attanasio

    (University College London and Institute for Fiscal Studies, London)

  • Costas Meghir

    (Yale University, University College London, and Institute for Fiscal Studies, London)

Abstract

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. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 93 (2011)
Issue (Month): 3 (August)
Pages: 1094-1099

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Handle: RePEc:tpr:restat:v:93:y:2011:i:3:p:1094-1099

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Cited by:
  1. Zhang, Chuanchuan & Zhao, Yaohui, 2012. "延迟退休年龄会挤出年轻人就业吗?
    [Will Postponing Retirement Crowd out Youth Employment?]
    ," MPRA Paper 52931, University Library of Munich, Germany, revised Dec 2013.
  2. Yingying Dong, 2012. "Regression Discontinuity Applications with Rounding Errors in the Running Variable," Working Papers, University of California-Irvine, Department of Economics 111206, University of California-Irvine, Department of Economics.
  3. World Bank, 2012. "Toward Gender Equality in East Asia and the Pacific : A Companion to the World Development Report," World Bank Publications, The World Bank, number 12598, August.
  4. Alexander Zimper & Alexander Ludwig & Max Groneck, 2012. "A Life-Cycle Consumption Model with Ambiguous Survival Beliefs," 2012 Meeting Papers, Society for Economic Dynamics 693, Society for Economic Dynamics.
  5. Jonathan D. Fisher & Joseph Marchand, 2011. "Does the Retirement Consumption Puzzle Differ Across the Distribution?," Working Papers, Center for Economic Studies, U.S. Census Bureau 11-09r, Center for Economic Studies, U.S. Census Bureau.
  6. Fisher, Paul & Ciani, Emanuele, 2014. "Dif-in-dif estimators of multiplicative treatment effects," ISER Working Paper Series 2014-14, Institute for Social and Economic Research.

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