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Is there a retirement-consumption puzzle? evidence using subjective retirement expectations

Author: Steven Haider; Melvin Stephens; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2004.
Series: Working paper series (National Bureau of Economic Research), no. 10257.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Previous research finds a systematic decrease in consumption at retirement, a finding that is inconsistent with the Life-Cycle/Permanent Income Hypothesis if retirement is an expected event. In this paper, we use workers' subjective beliefs about their retirement dates as an instrument for retirement. After demonstrating that subjective retirement expectations are strong predictors of subsequent retirement  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Steven Haider; Melvin Stephens; National Bureau of Economic Research.
OCLC Number: 55009007
Notes: "January 2004."
Description: 1 online resource (52 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 10257.
Responsibility: Steven J. Haider, Melvin Stephens Jr.

Abstract:

"Previous research finds a systematic decrease in consumption at retirement, a finding that is inconsistent with the Life-Cycle/Permanent Income Hypothesis if retirement is an expected event. In this paper, we use workers' subjective beliefs about their retirement dates as an instrument for retirement. After demonstrating that subjective retirement expectations are strong predictors of subsequent retirement decisions, we still find a retirement consumption decline for workers who retire when expected. However, our estimates of this consumption fall are about a third less than those found when we instead rely on the instrumental variables strategy used in prior studies. Finally, we examine a number of hypotheses that have been put forward to explain the retirement consumption decline. We find little empirical support for these explanations in our data"--National Bureau of Economic Research web site.

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