The Retirement Consumption Puzzle in China
利用中国城镇住户调查数据和强制退休政策，采用断点回归方法发现退休使家庭非耐用品总支出下降20%，但剔除工作相关支出和在家食品消费后，退休对剩余非耐用品支出无显著影响，提示考虑家庭生产的生命周期模型可解释这一现象。
Using data from China's Urban Household Survey and exploiting China's mandatory retirement policy, we use the regression discontinuity approach to estimate the impact of retirement on household expenditures. Retirement reduces total non-durable expenditures by 20 percent. Among the categories of non-durable expenditures, retirement reduces work-related expenditures and expenditures on food consumed at home but has an insignificant effect on entertainment expenditures. After excluding these three components, retirement does not have an effect on the remaining non-durable expenditures. It suggests that the retirement consumption puzzle might not be a puzzle if a life-cycle model with home production is considered.