Download This PaperWealth Effects with Endogenous Retirement
28 Pages Posted: 22 Oct 2019 Last revised: 25 Apr 2022
Date Written: 2019
Abstract
In this article, we study wealth effects, i.e., the response of consumption to exogenous changes in wealth. We use a consumption-saving model with endogenous retirement to show that the endogenous response of the value of a worker's human capital to changes in her wealth helps to account for the weak wealth effects observed in the data.
Keywords: consumption-saving, retirement, wealth effects
Suggested Citation: Suggested Citation
Grochulski, Borys and Zhang, Yuzhe, Wealth Effects with Endogenous Retirement (2019). Available at SSRN: https://ssrn.com/abstract=3473117
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