全球智库信息集成服务系统(G2TT): Estimating Life-Cycle Parameters from Consumption Behavior at Retirement

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11163
来源ID	Working Paper 11163
	Estimating Life-Cycle Parameters from Consumption Behavior at Retirement
	John Laitner; Dan Silverman
发表日期	2005-03-07
出版年	2005
语种	英语
摘要	Using pseudo-panel data, we estimate the structural parameters of a life--cycle consumption model with discrete labor supply choice. A focus of our analysis is the abrupt drop in consumption upon retirement for a typical household. The literature sometimes refers to the drop, which in the U.S. Consumer Expenditure Survey we estimate to be approximately 16%, as the "retirement--consumption puzzle." Although a downward step in consumption at retirement contradicts predictions from life--cycle models with additively separable consumption and leisure, or with continuous work-hour options, a consumption jump is consistent with a setup having nonseparable preferences over consumption and leisure and requiring discrete work choices. This paper specifies a life--cycle model with these latter two elements, and it uses the empirical magnitude of the drop in consumption at retirement to provide an advantageous method of identifying structural parameters --- most importantly, the intertemporal elasticity of substitution.
主题	Macroeconomics ; Consumption and Investment ; Microeconomics ; Households and Firms
URL	https://www.nber.org/papers/w11163
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/568800
推荐引用方式 GB/T 7714	John Laitner,Dan Silverman. Estimating Life-Cycle Parameters from Consumption Behavior at Retirement. 2005.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w11163.pdf（346KB）	智库出版物		限制开放	CC BY-NC-SA	浏览