MARC Record from Library of Congress

LEADER: 02186cam a22002897a 4500
001 2008610786
003 DLC
005 20080814092119.0
007 cr |||||||||||
008 080701s2008 mau sb 000 0 eng
010 $a 2008610786
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aHurd, Michael D.
245 14 $aThe retirement consumption puzzle$h[electronic resource] :$bactual spending change in panel data /$cMichael D. Hurd, Susann Rohwedder.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2008.
490 1 $aNBER working paper series ;$vworking paper 13929
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/1/2008.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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, we 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. We conclude that at the population level there is no retirement consumption puzzle in our data, and that in subpopulations where there were substantial declines, conventional economic theory can provide the main explanation"--National Bureau of Economic Research web site.
700 1 $aRohwedder, Susann.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 13929.
856 40 $uhttp://papers.nber.org/papers/w13929