| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w24405
|
| 来源ID | Working Paper 24405
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| The Retirement-Consumption Puzzle: New Evidence from Personal Finances |
| Arna Olafsson; Michaela Pagel
|
| 发表日期 | 2018-03-19
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | This paper uses a detailed panel of individual spending, income, account balances, and credit limits from a personal finance management software provider to investigate how expenditures, liquid savings, and consumer debt change around retirement. The longitudinal nature of our data allows us to estimate individual fixed-effects regressions and thereby control for all selection on time-invariant (un)observables. We provide new evidence on the retirement-consumption puzzle and on whether individuals save adequately for retirement. We find that, upon retirement, individuals reduce their spending in both work-related and leisure categories. However, we feel that it is difficult to tell conclusively whether expenses are work related or not, even with the best data. We thus look at household finances and find that individuals delever upon retirement by reducing consumer debt and increasing liquid savings. We argue that these findings are difficult to rationalize via, for example, work-related expenses. A rational agent would save before retirement because of the expected fall in income, and dissave after retirement, rather than the exact opposite |
| 主题 | Microeconomics
; Households and Firms
; Macroeconomics
; Consumption and Investment
; Labor Economics
; Labor Supply and Demand
; Labor Compensation
|
| URL | https://www.nber.org/papers/w24405
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582079
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推荐引用方式
GB/T 7714 |
Arna Olafsson,Michaela Pagel. The Retirement-Consumption Puzzle: New Evidence from Personal Finances. 2018.
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文件名：
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w24405.pdf
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格式：
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Adobe PDF
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