The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach
利用意大利养老金资格信息，采用断点回归方法，发现退休导致消费下降9.8%，主要源于工作相关支出减少和成年子女搬离家庭。
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.