The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement
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The simple one-good model of life-cycle consumption requires consumption smoothing.' However, British and U.S. households apparently reduce consumption at retirement and the reduction cannot be explained by the life-cycle model. An interpretation is that retirees are surprised by the inadequacy of
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美国国家经济研究局创建时间：
2003-03-01
