The Retirement‐Consumption Puzzle and Involuntary Early Retirement: Evidence from the British Household Panel Survey
利用英国家庭面板调查数据，对比因健康或裁员非自愿提前退休与自愿退休男性的食品支出变化，发现只有非自愿退休者消费显著下降，表明消费下降与负财富冲击有关。
This article uses data from the British Household Panel Survey (BHPS) to shed further light on the fall in consumption at retirement (the 'retirement-consumption puzzle'). Comparing food spending of men retiring involuntarily early (through ill health or redundancy) with spending of men who retire voluntarily, it finds a significant fall in spending only for those who retire involuntarily. This is consistent with the observed fall in spending being linked to a negative wealth shock for some retirees. Copyright 2006 Royal Economic Society.