Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response

Published Online:https://doi.org/10.1287/mnsc.2018.3148

References

  • Agarwal S, Qian W (2014) Consumption and debt response to unanticipated income shocks: Evidence from a natural experiment in Singapore. Amer. Econom. Rev. 104(12):4205–4230.CrossrefGoogle Scholar
  • Agarwal S, Qian W (2017) Access to home equity and consumption: Evidence from a policy experiment. Rev. Econom. Statist. 99(1):40–52.CrossrefGoogle Scholar
  • Agarwal S, Liu C, Souleles N (2007) The reaction of consumption and debt to tax rebates evidence from the consumer credit data. J. Political Econom. 115(6):986–1019.CrossrefGoogle Scholar
  • Agarwal S, Pan J, Qian W (2015) The composition effect of consumption around retirement: Evidence from Singapore. Amer. Econom. Rev. 105(5):426–431.CrossrefGoogle Scholar
  • Agarwal S, Qian W, Zou X (2018) Thy neighbor’s misfortune: Peer effect on consumption. Working paper, McDonough School of Business, Washington, DC.Google Scholar
  • Agarwal S, Chomsisengphet S, Mahoney N, Stroebel J (2017) Do banks pass through credit expansions to consumers who want to borrow? Quart. J. Econom. 133(1):129–190.CrossrefGoogle Scholar
  • Amromin G, Smith P (2003) What explains early withdrawals from retirement accounts? Evidence from a panel of taxpayers. Natl. Tax J. 56:565–612.CrossrefGoogle Scholar
  • Aaronson D, Agarwal S, French E (2012) Spending and debt response to minimum wage hikes. Amer. Econom. Rev. 102(7):3111–3139.CrossrefGoogle Scholar
  • Argento R, Bryant VL, Sabelhaus J (2015) Early withdrawals from retirement accounts during the Great Recession. Contemporary Econom. Policy. 33(1):1–16.CrossrefGoogle Scholar
  • Armour P, Hurd MD, Rohwedder S (2015) Trends in pension cash-out at job change and the effects on long-term outcomes. Wise DA, ed. Insights in the Economics of Aging (University of Chicago Press, Chicago), 15–39.Google Scholar
  • Basset WF, Fleming MJ, Rodrigues AP (1998) How workers use 401(K) plans: The participation, contribution, and withdrawal decisions. Natl. Tax J. 55:263–289.Google Scholar
  • Battistin E, Brugiavini A, Rettore E, Weber G (2009) The retirement consumption puzzle: Evidence from a regression discontinuity approach. Amer. Econom. Rev. 99(5):2209–2226.CrossrefGoogle Scholar
  • Beshears J, Choi JJ, Laibson D, Madrian BC (2008) A primer on 401(k) loans. Working paper, Harvard University, Cambridge, MA.Google Scholar
  • Beshears J, Choi JJ, Laibson, D, Madrian BC (2012) The availability and utilization of 401(k) loans. Wise DA, ed. Investigations in the Economics of Aging (University of Chicago Press, Chicago), 145–172.Google Scholar
  • Beshears J, Choi JJ, Hurwitz J, Laibson D, Madrian BC (2015) Liquidity in retirement savings systems: An international comparison. Amer. Econom. Rev. 105(5):420–425.CrossrefGoogle Scholar
  • Charles KK, Hurst E, Roussanov N (2009) Conspicuous consumption and race. Quart. J. Econom. 124:425–467.CrossrefGoogle Scholar
  • Choi J, Laibson D, Madrian B (2011) $100 bills on the sidewalk: Suboptimal investment in 401(k) plans. Rev. Econom. Statist. 93:748–763.CrossrefGoogle Scholar
  • Gourinchas PO, Parker JA (2002) Consumption over the life cycle. Econometrica 70:47–89.CrossrefGoogle Scholar
  • Gross D, Souleles N (2002) Do liquidity constraints and interest rates matter for consumer behavior? Evidence from credit card data. Quart. J. Econom. 117:149–185.CrossrefGoogle Scholar
  • Heffetz O (2011) A test of conspicuous consumption: Visibility and income elasticities. Rev. Econom. Statistics. 93(4):1101–1117.CrossrefGoogle Scholar
  • Hurd MD, Panis C (2006) The choice to cash out pension rights at job change or retirement. J. Public Econom. 90:2213–2227.CrossrefGoogle Scholar
  • Jappelli T (1990) Who is credit constrained in the U.S. economy? Quart. J. Econom. 105:219–234.CrossrefGoogle Scholar
  • Jappelli T, Pistaferri L (2010) The consumption response to income changes. Annual Rev. Econom. 2:479–506.CrossrefGoogle Scholar
  • Jappelli T, Pischke J-S, Souleles NS (1998) Testing for liquidity constraints in Euler equations with complementary data sources. Rev. Econom. Statist. 80(2):251–262.CrossrefGoogle Scholar
  • Kaplan G, Violante GL (2014) A model of the consumption response to fiscal stimulus payments. Econometrica 82(4):1199–1239.CrossrefGoogle Scholar
  • Laibson D, Repetto A, Tobacman J (1998) Self-control and saving for retirement. Brookings Papers Econom. Activity 1:91–172.CrossrefGoogle Scholar
  • Lehnert A, Maki D (2007) Consumption, debt, and portfolio choice: testing the effects of bankruptcy law. Agarwal S, Ambrose BW, eds. Household Credit Usage (Palgrave Macmillan, New York), 55–76.Google Scholar
  • Lu TJ, Mitchell O, Utkus SP, Young JA (2017) Borrowing from the future? 401(K) plan loads and loan defaults. Natl. Tax J. 70(1):77–110.Google Scholar
  • Koh B, Mitchell O (2010) What’s on the menu? Included vs. excluded investment funds for Singapore’s Central Provident Fund investors. Pensions Internat. J. 15:276–286.CrossrefGoogle Scholar
  • Koh B, Mitchell O, Fong J (2008) Cost structures in defined contribution systems: The case of Singapore’s Central Provident Fund. Pensions Internat. J. 13(1–2):7–14.CrossrefGoogle Scholar
  • Koh B, Mitchell OS, Tanuwidjaja T, Fong J (2007) Investment patterns in Singapore’s CPF Central Provident Fund. J. Pension Econom. Finance 7:1–29.Google Scholar
  • Tan SS (2004) The Central Provident Fund: More than retirement. Ethos (July), https://www.cscollege.gov.sg/Knowledge/Ethos/Issue%202%20Jul%202004/Pages/03CPF.pdf.Google Scholar
  • Whitehouse E (2007) Pensions Panorama (World Bank, Washington, DC).CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.