The retirement consumption puzzle: Evidence from a regression discontinuity approach

American Economic Review

Volumn 99, Issue 5, 2009, Pages 2209-2226

  Battistin, Erich ^a   Brugiavini, Agar ^b   Rettore, Enrico ^a   Weber, Guglielmo ^a  

^a UNIVERSITY OF PADOVA   (Italy)

^b CA' FOSCARI UNIVERSITY OF VENICE   (Italy)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 74949122803     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.99.5.2209     Document Type: Article

References (35)

1. Aguiar, Mark, and Erik Hurst. 2005. "Consumption versus Expenditure." Journal of Political Economy, 113(5): 919-948
2. Aguiar, Mark, and Erik Hurst. 2007. "Life-Cycle Prices and Production." American Economic Review, 97(5): 1533-1559
3. Aguiar, Mark, and Erik Hurst. 2008. "Deconstructing Lifecycle Expenditure." National Bureau of Economic Research Working Paper 13893.
4. Alessie, Rob, Agar Brugiavini, and Guglielmo Weber. 2006. "Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands." In NBER International Seminar on Macroeconomics 2004, ed. Richard H. Clarida, Jeffrey A. Frankel, Francesco Giavazzi, and Kenneth D. West, 413-458 Cambridge, MA: MIT Press.
5. Angeletos, George-Marios, David Laibson, Andrea Repetto, Jeremy Tobacman, and Stephen Weinberg. 2001. "The Hyberbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation." Journal of Economic Perspectives, 15(3): 47-68.
6. Banks, James, Richard Blundell, and Sarah Tanner. 1998. "Is There a Retirement-Savings Puzzle?" American Economic Review, 88(4): 769-788
7. Bansal, Ravi, and Amir Yaron. 2004. "Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles." Journal of Finance, 59(4): 1481-1509.
8. Battistin, Erich, and Andrew Chesher. 2009. "Treatment Effect Estimation with Covariate Measurement Error." cenmap Working Paper CW25/09.
9. Battistin, Erich, and Enrico Rettore. 2008. "Ineligibles and Eligible Non-participants as a Double Comparison Group in Regression- Discontinuity Designs." Journal of Econometrics, 142(2): 715-730
10. Battistin, Erich, and Barbara Sianesi. Forthcoming. "Misclassified Treatment Status and Treatment Effects: An Application to Returns to Education in the UK." The Review of Economics and Statistics.
11. Battistin, Erich, Raffaele Miniaci, and Guglielmo Weber. 2003. "What Do We Learn from Recall Consumption Data?" Journal of Human Resources, 38(2): 354-385
12. Becker, Sascha O., Samuel Bentolila, Ana Fernadez, and Andrea Ichino. 2004. "Job Insecurity and Children's Emancipation: The Italian Puzzle." CESifo Working Paper WP1144.
13. Bernheim, B. Douglas, Jonathan Skinner, and Steven Weinberg. 2001. "What Accounts for the Variation in Retirement Wealth among US Households?" American Economic Review, 91(4): 832-857
14. Blau, David M. 2008. "Retirement and Consumption in a Life Cycle Model." Journal of Labor Economics, 26(1): 35-71.
15. Browning, Martin, and Anna Maria Lusardi. 1996. "Household Saving: Micro Theories and Micro Facts." Journal of Economic Literature, 34(4): 1797-1855.
16. Browning, Martin, Thomas F. Crossley, and Guglielmo Weber. 2003. "Asking Consumption Questions in General Purpose Surveys." Economic Journal, 113(491): F540-67.
17. Brugiavini, Agar, Franco Peracchi, and David A. Wise. 2002. "Pensions and Retirement Incentives: A Tale of Three Countries: Italy, Spain and the USA." Giornale degli Economisti e Annali di Economia, 61(2): 131-169
18. Deaton, Angus. 1992. Understanding Consumption. Oxford: Oxford University Press.
19. Fisher, Jonathan, David Johnson, Joseph Marchand, Timothy M. Smeeding, and Barbara Boyle Torrey. 2005. "The Retirement Consumption Conundrum: Evidence from a Consumption Survey." Boston College Center for Retirement Research Working Paper 2005-2014
20. Guiso, Luigi, and Tullio Jappelli. 2002. "Private Transfers, Borrowing Constraints and the Timing of Homeownership." Journal of Money, Credit, and Banking, 34(2): 315-339
21. Hahn, Jinyong, Petra Todd, and Wilbert van der Klaauw. 2001. "Identification and Estimation of Treatment Effects with a Regression-Discontinuity Design." Econometrica, 69(1): 201-209
22. Haider, Steven J., and Melvin Stephens, Jr. 2007. "Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations." Review of Economics and Statistics, 89(2): 247-264
23. Hamermesh, Daniel S. 1984. "Consumption during Retirement: The Missing Link in the Life Cycle." Review of Economics and Statistics, 66(1): 1-7.
24. Horowitz, Joel L., and Charles F. Manski. 1995. "Identification and Robustness with Contaminated and Corrupted Data." Econometrica, 63(2): 281-302.
25. Hurd, Michael D., and Susann Rohwedder. 2006. "Some Answers to the Retirement-Consumption Puzzle." National Bureau of Economic Research Working Paper 12057.
26. Hurst, Erik. 2008. "The Retirement of a Consumption Puzzle." National Bureau of Economic Research Working Paper 13789.
27. Imbens, Guido W., and Joshua D. Angrist. 1994. "Identification and Estimation of Local Average Treatment Effects." Econometrica, 62(2): 467-475
28. Imbens, Guido W., and Thomas Lemieux. 2008. "Regression Discontinuity Designs: A Guide to Practice." Journal of Econometrics, 142(2): 615-635
29. Lee, David S. 2008. "Randomized Experiments from Non-random Selection in U.S. House Elections." Journal of Econometrics, 142(2): 675-697
30. Manacorda, Marco, and Enrico Moretti. 2006. "Why Do Most Italian Youths Live with Their Parents? Intergenerational Transfers and Household Structure." Journal of the European Economic Association, 4(4): 800-829
31. Miniaci, Raffaele, Chiara Monfardini, and Guglielmo Weber. 2003. "Is There a Retirement Consumption Puzzle in Italy?" Institute for Fiscal Studies Working Paper W03/14.
32. Miniaci, Raffaele, Chiara Monfardini, and Guglielmo Weber. Forthcoming. "How Does Consumption Change upon Retirement?" Empirical Economics.
33. OECD. 2008. Growing Unequal? Income Distribution and Poverty in OECD Countries. Paris, http://www.oecd.org/els/social/inequality.
34. Smith, Sarah. 2006. "The Retirement-Consumption Puzzle and Involuntary Early Retirement: Evidence from the British Household Panel Survey." Economic Journal, 116(510): C130-48.
35. Thistlethwaite, Donald L., and Donald T. Campbell. 1960. "Regression-Discontinuity Analysis: An Alternative to the Ex Post Facto Experiment." Journal of Educational Psychology, 51(6): 309-317