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Retirement Consumption Puzzle in China
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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 non-durable expenditures. Retirement reduces total non-durable expenditures by about 21 percent. Among the categories of non-durable expenditures, retirement reduces the work-related expenditures and the expenditures on food consumed at home but does not has a significant effect on expenditures on entertainment. After excluding work-related expenditures, expenditures on food consumed at home and expenditures on entertainment, retirement does not have a significant effect on the remained non-durable expenditures. The findings suggest that retirement consumption puzzle might not a puzzle if an extended life-cycle model with home production is considered.
Title: Retirement Consumption Puzzle in China
Description:
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 non-durable expenditures.
Retirement reduces total non-durable expenditures by about 21 percent.
Among the categories of non-durable expenditures, retirement reduces the work-related expenditures and the expenditures on food consumed at home but does not has a significant effect on expenditures on entertainment.
After excluding work-related expenditures, expenditures on food consumed at home and expenditures on entertainment, retirement does not have a significant effect on the remained non-durable expenditures.
The findings suggest that retirement consumption puzzle might not a puzzle if an extended life-cycle model with home production is considered.
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