The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach
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- Erich Battistin
- Department of Statistics, University of Padova, Via Cesare Battisti 241, 35121 Padova, Italy, and IRVAPP.
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- Agar Brugiavini
- Department of Economics, University of “Ca Foscari” of Venice, S. Giobbe 873 30121, Venezia, Italy, SSAV, and IFS.
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- Enrico Rettore
- Department of Statistics, University of Padova, Via Cesare Battisti 241, 35121 Padova, Italy, and IRVAPP.
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- Guglielmo Weber
- Department of Economics, University of Padova, Via del Santo 33, 35121 Padova, Italy, CEPR and IFS.
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説明
<jats:p> We investigate the size of the consumption drop at retirement in Italy by exploiting pension eligibility information to correct for endogenous retirement. We take a regression discontinuity approach and assume that spending would be smooth around pension eligibility if individuals did not retire. We estimate a 9.8 percent drop associated to retirement. This fall is not driven by liquidity problems for the less well off and can be accounted for by drops in work-related expenses. Retirement also induces a significant drop in the number of grown children living with their parents and this explains most of the retirement consumption drop. (JEL D91, E21, J26, J31) </jats:p>
収録刊行物
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- American Economic Review
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American Economic Review 99 (5), 2209-2226, 2009-12-01
American Economic Association