Retirement and Consumption in a Life Cycle Model
用生命周期模型解释退休时消费支出的变化，发现多数家庭消费平稳，但部分家庭消费下降，模型能匹配美国健康与退休研究数据的中位数变化，但下降幅度偏小。
Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern. A richer version of the model is calibrated to data from the Health and Retirement Study (HRS). The median change in consumption expenditure at retirement generated by the model is zero, while the mean is negative, matching the HRS data. However, the magnitude of the drop in consumption among households that experience a decline is too small in the model compared to the data.