Is There a Retirement Consumption Puzzle in Japan? Evidence from a Household Panel Dataset Spanning Several Years
Is There a Retirement Consumption Puzzle in Japan? Evidence from a Household Panel Dataset Spanning Several Years
复制标题
日本存在退休消费难题吗？
DOI：
10.1080/00036846.2018.1529393
复制
发表时间：
2019
影响因子：
2.2
通讯作者：
Keiko Murata
中科院分区：
文献类型：
--
作者：
Masahiro Hori;Keiko Murata
本文使用日本家庭的一个独特的长期面板，研究了退休消费的变化（“退休消费之谜”）。我们的分析显示，户主退休后，家庭支出确实下降，退休时家庭组成的变化不能完全解释这一下降。退休后生活方式/喜好的变化似乎也不能解释支出下降的一个显著特征，即支出下降幅度与退休后收入下降幅度之间的密切相关。另一方面，我们的发现是，对于储蓄较少和/或经历了大规模意外收入下降的家庭，支出下降幅度较大，这与标准LC/PIH在意外冲击下的增长大致一致，同时也不排除有一小部分家庭是短视的，缺乏足够的储蓄纪律。
Using a unique long-run panel of Japanese households, this paper examines the changes in consumption at retirement (‘the retirement-consumption puzzle’). Our analysis shows that households’ expenditure does decline after the retirement of the household head and that changes in household composition at retirement cannot fully account for this decline. Changes in life-style/preferences after retirement also do not appear to explain a salient feature of the expenditure decline, namely, the strong correlation between the magnitudes of the expenditure decline and the income decline upon retirement. On the other hand, our finding that the expenditure decline is larger for households with smaller savings and/or that experienced a large unexpected income decline is broadly consistent with the standard LC/PIH augmented with unexpected shocks, while it does not rule out the possibility that there is a relatively small subset of households that are myopic and lack sufficient saving discipline.