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Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations

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Cited by:

  1. Kevin Huang & Frank Caliendo, 2011. "Rationalizing multiple consumption-saving puzzles in a unified framework," Frontiers of Economics in China, Springer;Higher Education Press, vol. 6(3), pages 359-388, September.
  2. Nicole Maestas, 2007. "Back to Work: Expectations and Realizations of Work after Retirement," Working Papers 196.2, RAND Corporation.
  3. Mauro Mastrogiacomo, 2006. "Testing consumers' asymmetric reaction to wealth changes," CPB Discussion Paper 53, CPB Netherlands Bureau for Economic Policy Analysis.
  4. Margherita Borella & Flavia Coda Moscarola & Mariacristina Rossi, 2014. "(Un)expected retirement and the consumption puzzle," Empirical Economics, Springer, vol. 47(2), pages 733-751, September.
  5. Aylit T. Romm, 2012. "Retirement Date Effects on Pre-Retirement Wealth Accumulation: An Analysis of US Households," Working Papers 266, Economic Research Southern Africa.
  6. Allais, Olivier & Leroy, Pascal & Mink, Julia, 2020. "Changes in food purchases at retirement in France," Food Policy, Elsevier, vol. 90(C).
  7. Zhu, Penghu & Lin, Boqiang, 2022. "Do the elderly consume more energy? Evidence from the retirement policy in urban China," Energy Policy, Elsevier, vol. 165(C).
  8. Melvin Stephens & Takashi Unayama, 2011. "The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits," American Economic Journal: Applied Economics, American Economic Association, vol. 3(4), pages 86-118, October.
  9. Jim Been & Susann Rohwedder & Michael Hurd, 2020. "Does Home Production Replace Consumption Spending? Evidence from Shocks in Housing Wealth in the Great Recession," The Review of Economics and Statistics, MIT Press, vol. 102(1), pages 113-128, March.
  10. Almut Balleer & Georg Duernecker & Susanne K. Forstner & Johannes Goensch, 2021. "The Effects of Biased Labor Market Expectations on Consumption, Wealth Inequality, and Welfare," CESifo Working Paper Series 9326, CESifo.
  11. Garry F. Barrett & Milica Kecmanovic, 2012. "Changes in Subjective Well-being with Retirement: Assessing Savings Adequacy in Australia," Social and Economic Dimensions of an Aging Population Research Papers 296, McMaster University.
  12. Christine Mayrhuber, 2020. "Konsumstruktur und Abgabenlast der Pensionshaushalte in Österreich," WIFO Studies, WIFO, number 67249, January.
  13. Linz, Susan J. & Semykina, Anastasia, 2010. "Perceptions of economic insecurity: Evidence from Russia," Economic Systems, Elsevier, vol. 34(4), pages 357-385, December.
  14. Orazio P. Attanasio & Guglielmo Weber, 2010. "Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy," Journal of Economic Literature, American Economic Association, vol. 48(3), pages 693-751, September.
  15. Yingying Dong & Dennis Tao Yang, 2017. "Mandatory Retirement And The Consumption Puzzle: Disentangling Price And Quantity Declines," Economic Inquiry, Western Economic Association International, vol. 55(4), pages 1738-1758, October.
  16. Miriam Beblo & Sven Schreiber, 2022. "Leisure and housing consumption after retirement: new evidence on the life-cycle hypothesis," Review of Economics of the Household, Springer, vol. 20(1), pages 305-330, March.
  17. Koç, E., 2015. "Job Finding, Job Loss and Consumption Behaviour," Other publications TiSEM 257b35a1-8c5c-4662-88db-a, Tilburg University, School of Economics and Management.
  18. Jonathan Fisher & Joseph Marchand, 2014. "Does the retirement consumption puzzle differ across the distribution?," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 12(2), pages 279-296, June.
  19. Purvi Sevak & Lucie Schmidt, 2011. "Macroeconomic Conditions and Updating of Expectations by Older Americans," Working Papers wp259, University of Michigan, Michigan Retirement Research Center.
  20. Bonsang, Eric & Klein, Tobias J., 2012. "Retirement and subjective well-being," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 311-329.
  21. Richard Dunn, 2015. "Labor supply and household meal production among working adults in the Health and Retirement Survey," Review of Economics of the Household, Springer, vol. 13(2), pages 437-457, June.
  22. Steven J. Haider & Kathleen McGarry, 2018. "Parental Investments in College and Later Cash Transfers," Demography, Springer;Population Association of America (PAA), vol. 55(5), pages 1705-1725, October.
  23. Olafsson, Arna & Pagel, Michaela, 2024. "Retirement puzzles: New evidence from personal finances," Journal of Public Economics, Elsevier, vol. 234(C).
  24. Turnovsky, Stephen J. & Bruce, Neil, 2007. "Uncertain Retirement and the Effects of Social Insurance on Savings, Wealth, and Welfare," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 1, pages 1-41.
  25. Tyrowicz, Joanna, 2020. "Are incentivized old-age savings schemes effective under incomplete rationality?," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224526, Verein für Socialpolitik / German Economic Association.
  26. Jim Been & Michael Hurd & Susann Rohwedder, 2014. "Responses of Time-use to Shocks in Wealth during the Great Recession," Working Papers wp313, University of Michigan, Michigan Retirement Research Center.
  27. Aguiar, M. & Hurst, E., 2016. "The Macroeconomics of Time Allocation," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 203-253, Elsevier.
  28. Stephens, Melvin & Unayama, Takashi, 2012. "The impact of retirement on household consumption in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 26(1), pages 62-83.
  29. JoÃo Ricardo Faria & Peter Mcadam, 2013. "Anticipation of Future Consumption: A Monetary Perspective," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(2-3), pages 423-447, March.
  30. Erik Hurst, 2008. "The Retirement of a Consumption Puzzle," NBER Working Papers 13789, National Bureau of Economic Research, Inc.
  31. Benitez-Silva, Hugo & Dwyer, Debra S., 2006. "Expectation formation of older married couples and the rational expectations hypothesis," Labour Economics, Elsevier, vol. 13(2), pages 191-218, April.
  32. Heller-Sahlgren, Gabriel, 2017. "Retirement blues," Journal of Health Economics, Elsevier, vol. 54(C), pages 66-78.
  33. Thomas Horvath & Thomas Url, 2013. "Bridging-Renten als Überbrückung für Einkommensausfälle vor dem Pensionsantritt," WIFO Studies, WIFO, number 46684, January.
  34. Bakken, Line Smart, 2006. "The Golden Age of Retirement," Memorandum 22/2006, Oslo University, Department of Economics.
  35. Velarde, Melanie & Herrmann, Roland, 2014. "How retirement changes consumption and household production of food: Lessons from German time-use data," The Journal of the Economics of Ageing, Elsevier, vol. 3(C), pages 1-10.
  36. Börsch-Supan, A. & Härtl, K. & Leite, D.N., 2016. "Social Security and Public Insurance," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 781-863, Elsevier.
  37. Steven Haider & Mel StephensJr., 2006. "How Accurate are Expected Retirement Savings?," Working Papers wp128, University of Michigan, Michigan Retirement Research Center.
  38. Fisher, Jonathan D. & Johnson, David S. & Marchand, Joseph & Smeeding, Timothy M. & Torrey, Barbara Boyle, 2008. "The retirement consumption conundrum: Evidence from a consumption survey," Economics Letters, Elsevier, vol. 99(3), pages 482-485, June.
  39. Delavande, Adeline & Rohwedder, Susann, 2017. "Changes in spending and labor supply in response to a Social Security benefit cut: Evidence from stated choice data," The Journal of the Economics of Ageing, Elsevier, vol. 10(C), pages 34-50.
  40. Da Silva, António Dias & Rusinova, Desislava & Weißler, Marco, 2023. "Consumption effects of job loss expectations: new evidence for the euro area," Working Paper Series 2817, European Central Bank.
  41. David M. Blau, 2008. "Retirement and Consumption in a Life Cycle Model," Journal of Labor Economics, University of Chicago Press, vol. 26(1), pages 35-71.
  42. Michael D. Hurd & Susann Rohwedder, 2008. "The Retirement-Consumption Puzzle Actual Spending Change in Panel Data," Working Papers WR-563, RAND Corporation.
  43. Michael D. Hurd & Susann Rohwedder, 2006. "Some Answers to The Retirement-Consumption Puzzle," Working Papers WR-342, RAND Corporation.
  44. 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.
  45. Mauro Mastrogiacomo & Nicole Bosch, 2006. "Income incentives to labour participation and home production; the contribution of the tax credits in the Netherlands," CPB Discussion Paper 59, CPB Netherlands Bureau for Economic Policy Analysis.
  46. Yingying Dong & Dennis Yang, 2016. "Mandatory Retirement and the Consumption Puzzle: Prices Decline or Quantities Decline?," Upjohn Working Papers 16-251, W.E. Upjohn Institute for Employment Research.
  47. Ioannis Laliotis & Mujaheed Shaikh & Charitini Stavropoulou & Dimitrios Kourouklis, 2023. "Retirement and Household Expenditure in Turbulent Times," Journal of Family and Economic Issues, Springer, vol. 44(4), pages 968-989, December.
  48. Hamermesh Daniel S. & Slemrod Joel B, 2008. "The Economics of Workaholism: We Should Not Have Worked on This Paper," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 8(1), pages 1-30, January.
  49. Mark Aguiar & Erik Hurst, 2004. "Consumption vs. Expenditure," NBER Working Papers 10307, National Bureau of Economic Research, Inc.
  50. Radermacher, Jan W., 2023. "Mamma Mia! Revealing hidden heterogeneity by PCA-biplot: MPC puzzle for Italy's elderly poor," SAFE Working Paper Series 382, Leibniz Institute for Financial Research SAFE.
  51. D'Orlando, Fabio & Sanfilippo, Eleonora, 2010. "Behavioral foundations for the Keynesian consumption function," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 1035-1046, December.
  52. Edouard Ribes, 2022. "What are the financial implications of an ageing population for European citizens?," Working Papers hal-03118783, HAL.
  53. Michael D. Hurd & Susann Rohwedder, 2005. "Changes in Consumption and Activities in Retirement," Working Papers wp096, University of Michigan, Michigan Retirement Research Center.
  54. Almudena Sevilla-Sanz & Maria Jose Luengo-Prado, 2010. "Consumption, Retirement and Life-cycle Prices: Evidence From Spain," Economics Series Working Papers 498, University of Oxford, Department of Economics.
  55. Hurd, Michael D. & Rohwedder, Susann, 2013. "Heterogeneity in spending change at retirement," The Journal of the Economics of Ageing, Elsevier, vol. 1, pages 60-71.
  56. Melvin Stephens Jr. & Desmond Toohey, 2018. "Changes in Nutrient Intake at Retirement," NBER Working Papers 24621, National Bureau of Economic Research, Inc.
  57. Garry F. Barrett & Matthew Brzozowski, 2010. "Involuntary Retirement and the Resolution of the Retirement-Consumption Puzzle: Evidence from Australia," Social and Economic Dimensions of an Aging Population Research Papers 275, McMaster University.
  58. José M. Labeaga & Rubén Osuna, 2007. "Expenditures at retirement by Spanish households," Working Papers 2007-36, FEDEA.
  59. Joanna Tyrowicz & Krzysztof Makarski & Artur Rutkowski, 2020. "Fiscal incentives to pension savings – are they efficient?," Working Paper series 20-06, Rimini Centre for Economic Analysis.
  60. Padmaja Ayyagari, 2019. "Health Insurance and Early Retirement Plans: Evidence from the Affordable Care Act," American Journal of Health Economics, University of Chicago Press, vol. 5(4), pages 533-560, Fall.
  61. Bonsang, Eric & van Soest, Arthur, 2020. "Time devoted to home production and retirement in couples: A panel data analysis," Labour Economics, Elsevier, vol. 65(C).
  62. John Laitner & Daniel Silverman, 2006. "Consumption, Retirement, and Social Security: Evaluating the Efficiency of Reform with a Life-Cycle Model," Working Papers wp142, University of Michigan, Michigan Retirement Research Center.
  63. Chen, Guodong & Lee, Minjoon & Nam, Tong-yob, 2020. "Forced retirement risk and portfolio choice," Journal of Empirical Finance, Elsevier, vol. 58(C), pages 293-315.
  64. Scott Ross Baker & Contantine Yannelis, 2017. "Income Changes and Consumption: Evidence from the 2013 Federal Government Shutdown," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 99-124, January.
  65. Erich Battistin & Agar Brugiavini & Enrico Rettore & Guglielmo Weber, 2009. "The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach," American Economic Review, American Economic Association, vol. 99(5), pages 2209-2226, December.
  66. John Laitner & Dan Silverman, 2005. "Estimating Life-Cycle Parameters from Consumption Behavior at Retirement," NBER Working Papers 11163, National Bureau of Economic Research, Inc.
  67. Elsa Fornero & Annamaria Lusardi & Chiara Monticone, 2009. "Adequacy of Saving for Old Age in Europe," CeRP Working Papers 87, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  68. Xing Cai & Yinhe Zhang, 2023. "Population Aging and Household Tourism Consumption—An Empirical Study Based on China Family Panel Studies (CFPS) Data," Sustainability, MDPI, vol. 15(13), pages 1-19, June.
  69. Alicia Munnell & April Wu, 2013. "Do Older Workers Squeeze Out Younger Workers?," Discussion Papers 13-011, Stanford Institute for Economic Policy Research.
  70. Weinert, Jan-Hendrik & Gründl, Helmut, 2016. "The modern tontine: An innovative instrument for longevity risk management in an aging society," ICIR Working Paper Series 22/16, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
  71. Michael D. Hurd & Susann Rohwedder, 2006. "Some Answers to the Retirement-Consumption Puzzle," NBER Working Papers 12057, National Bureau of Economic Research, Inc.
  72. Arna Olafsson & Michaela Pagel, 2018. "The Retirement-Consumption Puzzle: New Evidence from Personal Finances," NBER Working Papers 24405, National Bureau of Economic Research, Inc.
  73. Clémentine Garrouste & Elsa Perdrix, 2022. "Is there a consensus on the health consequences of retirement? A literature review," Journal of Economic Surveys, Wiley Blackwell, vol. 36(4), pages 841-879, September.
  74. Daniel S. Hamermesh, 2004. "Subjective Outcomes in Economics," Southern Economic Journal, John Wiley & Sons, vol. 71(1), pages 1-11, July.
  75. Yingying Dong, 2012. "Regression Discontinuity Applications with Rounding Errors in the Running Variable," Working Papers 111206, University of California-Irvine, Department of Economics.
  76. Mauro Mastrogiacomo, 2006. "Testing consumers' asymmetric reaction to wealth changes," CPB Discussion Paper 53.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
  77. Nicola Francescutto, 2024. "Retirement decision and household's gasoline consumption: Evidence from a Regression Discontinuity Design," IRENE Working Papers 24-01, IRENE Institute of Economic Research.
  78. Cheng, Lingguo & Lu, Yunfeng, 2024. "Does retirement make people more risk averse?," Journal of Economic Behavior & Organization, Elsevier, vol. 224(C), pages 135-155.
  79. Fe, Eduardo & Hollingsworth, Bruce, 2012. "Estimating the eect of retirement on mental health via panel discontinuity designs," MPRA Paper 38162, University Library of Munich, Germany.
  80. Parsons, Donald O., 2016. "Moral-Hazard-Free First-Best Unemployment Insurance," IZA Discussion Papers 9824, Institute of Labor Economics (IZA).
  81. Andrew Au & Olivia S. Mitchell & John W.R. Phillips, 2005. "Saving Shortfalls and Delayed Retirement," Working Papers wp094, University of Michigan, Michigan Retirement Research Center.
  82. Aylit Romm, 2015. "The Effect of Retirement Date Expectations on Pre-retirement Wealth Accumulation: The Role of Gender and Bargaining Power in Married US Households," Journal of Family and Economic Issues, Springer, vol. 36(4), pages 593-605, December.
  83. Jonathan Fisher & Joseph Marchand, 2014. "Does the retirement consumption puzzle differ across the distribution?," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 12(2), pages 279-296, June.
  84. van der Heijden, E.C.M. & Koç, E. & Ligthart, J.E. & Meijdam, A.C., 2015. "Pensions and Consumption Decisions: : Evidence From the Lab," Discussion Paper 2015-014, Tilburg University, Center for Economic Research.
  85. Koç, E., 2015. "Job Finding, Job Loss and Consumption Behaviour," Discussion Paper 2015-015, Tilburg University, Center for Economic Research.
  86. Li, Hongbin & Shi, Xinzheng & Wu, Binzhen, 2016. "The retirement consumption puzzle revisited: Evidence from the mandatory retirement policy in China," Journal of Comparative Economics, Elsevier, vol. 44(3), pages 623-637.
  87. Frank N. Caliendo & Maria Casanova & Aspen Gorry & Sita Slavov, 2016. "The Welfare Cost of Retirement Uncertainty," NBER Working Papers 22609, National Bureau of Economic Research, Inc.
  88. Ayal Kimhi & Maya Sender, 2024. "Does Food Expenditure Decrease after Retirement, and for Whom?," Sustainability, MDPI, vol. 16(5), pages 1-15, February.
  89. Nicole Maestas, 2010. "Expectations and Realizations of Work after Retirement," Journal of Human Resources, University of Wisconsin Press, vol. 45(3).
  90. Mauro Mastrogiacomo & Nicole Bosch, 2006. "Income incentives to labour participation and home production; the contribution of the tax credits in the Netherlands," CPB Discussion Paper 59.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
  91. Hurd, Michael D. & Rohwedder, Susann, 2023. "Spending trajectories after age 65 variation by initial wealth," The Journal of the Economics of Ageing, Elsevier, vol. 26(C).
  92. Ilmakunnas, Pekka & Ilmakunnas, Seija, 2018. "Health and retirement age: Comparison of expectations and actual retirement," MPRA Paper 102618, University Library of Munich, Germany.
  93. Kevin X.D. Huang & Frank Caliendo, 2007. "Rationalizing Seven Consumption-Saving Puzzles in a Unified Framework," Vanderbilt University Department of Economics Working Papers 0716, Vanderbilt University Department of Economics.
  94. Kadir Atalay & Garry F. Barrett & Anita Staneva, 2020. "The effect of retirement on home production: evidence from Australia," Review of Economics of the Household, Springer, vol. 18(1), pages 117-139, March.
  95. Jim Been & Susann Rohwedder & Michael Hurd, 2021. "Households’ joint consumption spending and home production responses to retirement in the US," Review of Economics of the Household, Springer, vol. 19(4), pages 959-985, December.
  96. Bissonnette, L. & van Soest, A.H.O., 2010. "Retirement Expectations, Preferences, and Decisions," Other publications TiSEM 45e93b08-cc1d-47c6-ba06-d, Tilburg University, School of Economics and Management.
  97. Julia Mink, 2021. "The effects of major life events and exposure to adverse environmental conditions on health and health-related outcomes [Les effets d'événements majeurs de la vie et de l'exposition à des condition," SciencePo Working papers tel-03575191, HAL.
  98. Jang, Bong-Gyu & Lee, Ho-Seok, 2016. "Retirement with risk aversion change and borrowing constraints," Finance Research Letters, Elsevier, vol. 16(C), pages 112-124.
  99. Bronchetti, Erin Todd, 2012. "Workers' compensation and consumption smoothing," Journal of Public Economics, Elsevier, vol. 96(5), pages 495-508.
  100. Midori Wakabayashi, 2008. "The retirement consumption puzzle in Japan," Journal of Population Economics, Springer;European Society for Population Economics, vol. 21(4), pages 983-1005, October.
  101. Choi, Kyoung Jin & Jeon, Junkee & Koo, Hyeng Keun, 2022. "Intertemporal preference with loss aversion: Consumption and risk-attitude," Journal of Economic Theory, Elsevier, vol. 200(C).
  102. Jonathan D. Fisher & David S. Johnson, 2020. "Inequality and Mobility over the Past Half-Century Using Income, Consumption, and Wealth," NBER Chapters, in: Measuring Distribution and Mobility of Income and Wealth, pages 437-455, National Bureau of Economic Research, Inc.
  103. Dutt, Satyajit & Radermacher, Jan W., 2023. "Age, wealth, and the MPC in Europe: A supervised machine learning approach," SAFE Working Paper Series 383, Leibniz Institute for Financial Research SAFE.
  104. Kadir Atalay & Garry Barrett, 2022. "Retirement routes and the well-being of retirees," Empirical Economics, Springer, vol. 63(5), pages 2751-2784, November.
  105. Laitner, John & Silverman, Dan, 2012. "Consumption, retirement and social security: Evaluating the efficiency of reform that encourages longer careers," Journal of Public Economics, Elsevier, vol. 96(7-8), pages 615-634.
  106. Michael D. Hurd & Susann Rohwedder, 2005. "Changes in Consumption and Activities in Retirement," Working Papers wp096, University of Michigan, Michigan Retirement Research Center.
  107. Daniel Burkhard, 2015. "Consumption smoothing at retirement: average and quantile treatment effects in the regression discontinuity design," Diskussionsschriften dp1512, Universitaet Bern, Departement Volkswirtschaft.
  108. Julia Mink, 2021. "The effects of major life events and exposure to adverse environmental conditions on health and health-related outcomes [Les effets d'événements majeurs de la vie et de l'exposition à des condition," SciencePo Working papers Main tel-03575191, HAL.
  109. Frank Caliendo & Maria Casanova & Aspen Gorry & Sita Nataraj Slavov, 2023. "Retirement Timing Uncertainty: Empirical Evidence and Quantitative Evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 226-266, December.
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