The Retirement-Consumption Puzzle: Actual Spending Change in Panel Data
The Retirement-Consumption Puzzle: Actual Spending Change in Panel Data
复制标题
退休消费之谜：面板数据中的实际支出变化
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
S. Rohwedder
中科院分区：
文献类型：
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作者：
M. Hurd;S. Rohwedder
生命周期消费的简单单一产品模型要求消费在退休期间是连续的;然而，基于部分消费措施或合成面板的先前研究表明，退休时支出下降，这一结果被称为退休消费之谜。通过使用关于总支出、非耐用性支出和食品支出的面板数据，作者发现，随着退休时间的推移，支出会以较小的速度下降，这种下降速度可以用一些机制来解释，比如与工作相关的支出停止、因健康冲击而意外退休，或者用时间替代支出。在低财富人群中，支出确实以较高的速度下降，下降的主要原因似乎是由于健康状况不佳导致的提前退休率较高。他们的结论是，在人口层面上，他们的数据中不存在退休-消费之谜，在出现大幅下降的子人群中，传统经济理论可以提供主要解释。
The simple one-good model of life-cycle consumption requires that consumption be continuous over retirement; yet prior research based on partial measures of consumption or on synthetic panels indicates that spending drops at retirement, a result that has been called the retirement-consumption puzzle. Using panel data on total spending, nondurable spending and food spending, the authors find that spending declines at small rates over retirement, at rates that could be explained by mechanisms such as the cessation of work-related expenses, unexpected retirement due to a health shock or by the substitution of time for spending. In the low-wealth population where spending did decline at higher rates, the main explanation for the decline appears to be a high rate of early retirement due to poor health. They conclude that at the population level there is no retirement-consumption puzzle in their data, and that in subpopulations where there were substantial declines, conventional economic theory can provide the main explanation.