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Wealth Effects with Endogenous Retirement

Borys Grochulski and Yuzhe Zhang ()

Economic Quarterly, 2019, issue 3Q, 173-200

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 effect (search for similar items in EconPapers)
Date: 2019
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