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Is there a retirement consumption puzzle in Japan? Evidence based on panel data on households in the agricultural sector

Author

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  • Hori, Masahiro
  • Murata, Keiko

Abstract

Taking advantage of annual panel data on part-time farmer households, this paper investigates whether a retirement consumption puzzle is observed in Japan. Our analysis shows that households’ expenditure does decline after the retirement of the household head and that changes in family size and in life-style/preferences cannot fully explain this decline. Unanticipated negative income shocks such as health problems appear to provide a partial explanation. However, our analysis also suggests that there are myopic households that lacked the discipline to accumulate sufficient savings for retirement.

Suggested Citation

  • Hori, Masahiro & Murata, Keiko, 2014. "Is there a retirement consumption puzzle in Japan? Evidence based on panel data on households in the agricultural sector," CIS Discussion paper series 616, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:cisdps:616
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/26434/cis_dp616.pdf
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    Cited by:

    1. Iwaisako, Tokuo & 祝迫, 得夫 & Ono, Arito & Saito, Amane & Tokuda, Hidenobu, 2016. "Impact of population aging on household savings and portfolio choice in Japan," HIT-REFINED Working Paper Series 61, Institute of Economic Research, Hitotsubashi University.
    2. Toshiyuki Uemura & Yoshimi Adachi & Tomoki Kitamura, 2017. "Effects of Individual Resident Tax on the Consumption of Near-Retired Households in Japan," Discussion Paper Series 161, School of Economics, Kwansei Gakuin University, revised May 2017.

    More about this item

    Keywords

    Retirement; Household consumption; Life cycle/Permanent income hypothesis;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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