Heterogeneity in Household Spending and Well-being around Retirement
dc.contributor.author | Moran, Patrick | |
dc.contributor.author | O’Connell, Martin | |
dc.contributor.author | O'Dea, Cormac | |
dc.contributor.author | Parodi, Francesca | |
dc.date.accessioned | 2022-03-04T19:35:29Z | |
dc.date.available | 2022-03-04T19:35:29Z | |
dc.date.issued | 2021-09 | |
dc.identifier.citation | Moran, Patrick, Martin O'Connell, Cormac O’Dea, and Francesca Parodi. 2021. “Heterogeneity in Household Spending and Well-being around Retirement.” Ann Arbor, MI. University of Michigan Retirement and Disability Research Center (MRDRC) Working Paper; MRDRC WP 2021-427. https://mrdrc.isr.umich.edu/publications/papers/pdf/wp427.pdf | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/171791 | en |
dc.description.abstract | We study heterogeneity in spending patterns around the time of retirement. Using rich consumption data from the Panel Study of Income Dynamics, and exploiting within-household spending variation, we systematically classify households into groups characterized by differences in consumption transitions at retirement. We decompose the overall spending changes into the contribution made by different subcomponents of consumption. We find that the households that increase their spending shift budget away from food and toward transportation, recreation, and trips. In contrast, those households for which spending falls reduce the budget share spent on transportation and food away from home, while increasing the share allocated to food at home and housing expenditures. Using a life-cycle model, we characterize the mechanisms capable of driving these observed patterns. | en_US |
dc.description.sponsorship | U.S. Social Security Administration, RDR18000002-03, UM21-13 | en_US |
dc.language.iso | en_US | en_US |
dc.relation.ispartofseries | WP 2021-427 | en_US |
dc.subject | consumption, leisure, retirement, welfare | en_US |
dc.title | Heterogeneity in Household Spending and Well-being around Retirement | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationum | Michigan Retirement Research Center | en_US |
dc.contributor.affiliationother | University of Copenhagen, Center for Economic Behavior and Inequality and IFS | en_US |
dc.contributor.affiliationother | University of Wisconsin-Madison and IFS | en_US |
dc.contributor.affiliationother | Yale University, IFS and NBER | en_US |
dc.contributor.affiliationother | Collegio Carlo Alberto, University of Turin, IFS, and CEPR | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/171791/1/wp427.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/171791/2/wp427.pdf | |
dc.identifier.doi | https://dx.doi.org/10.7302/4182 | |
dc.description.filedescription | Description of wp427.pdf : working paper | |
dc.description.depositor | SELF | en_US |
dc.working.doi | 10.7302/4182 | en_US |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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