文档介绍：本科毕业论文外文翻译
外文题目: Consumption structure, welfare goods and retirement e: linking the ageing puzzles
出处: IFD Working Paper
作者: Najat el Mekkaoui De Freitas,Joaquim Oliveira Martins
外文原文
1. Motivation
The life cycle model is the main framework used in economics to understand the relations between ageing, consumption and saving behaviour. While main predictions of the life cycle theory tend to be supported by empirical evidence, a number of puzzles remain. The literature has put forward four main types of puzzles: an ageing-consumption puzzle, an ageing-savingpuzzle, a saving-capitalization puzzle and a saving-longevity puzzle.
The first puzzle concerns the tendency for consumption to decrease in old age. This stylised fact observed in all OECD countries, seems to contradict the idea that households save in order to maintain their consumption level after retirement. Second, significant levels of savings are observed at old age. Another puzzling fact is that countries with generous PAYG system and health care system (welfare goods) have the highest private saving rate. In contrast, in countries where pension funds are well developed, the private saving rate is much lower. Finally, an increase in longevity by increasing the duration of the retirement period could be expected to increase the saving , when empirically tested, the sign of longevity variables in