Changes in Consumption at Retirement: Evidence from Panel Data
利用1980-2000年面板数据，以非耐用品支出衡量消费，发现退休后消费并未如以往研究那样显著下降，仅食物支出下降与先前研究一致，对评估退休储蓄是否充足有参考价值。
Previous empirical literature has found a sharp decline in consumption during the first years of retirement, implying that individuals do not save enough for their retirement. This phenomenon is called the <i>retirement consumption puzzle</i>. We find no evidence of the retirement consumption puzzle using panel data from 1980 to 2000. Consumption is defined as nondurable expenditure, a more comprehensive measure than only food used in many of the previous studies. We find that food expenditure declines at retirement, which is consistent with previous studies.