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Can Unexpected Retirement Explain the Retirement-Consumption Puzzle? (PDF)
Melvin Stephens Jr. and Steven J. Haider via the Center for Retirement Research [CRR] at Boston College 
Sept. 29, 2003 44 pages; working paper. Excerpt: [E]conomists have relied upon the rational expectations version of the Life-Cycle/Permanent Income hypothesis (LCPIH) to judge whether households are adequately saving for retirement.... force. Contrary to this hypothesis, however, empirical investigations have concluded that household consumption falls at the time of retirement, even for those retirements that are expected. MORE >> |
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