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Previous empirical literature has found a sharp decline in consumption during the first years of retirement implying … that individuals do not save enough for their retirement. This phenomenon has been called the retirement consumption puzzle …. In contrast to some of the previous studies, the authors find no evidence of the retirement consumption puzzle during the …
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Many welfare-to-work programs in both North America and Europe are directed at making work pay for the low skilled. This paper identifies two alternative policies that are motivated by this same objective active labour market programs that involve wage subsidies together with improved job...
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