Resource Annuitization and Consumption
From the early 1960s to the late 1980s, the fraction of resources consumed annually has remained more or less steady for all U.S. age groups except retirees, for whom this fraction increased dramatically. What might be the underlying reason for such impressive growth in older generations' "propensity to consume"?
Suggested citation: “Resource Annuitization and Consumption,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-12, pp. 14, 12.01.1996.