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Retirement behavior of the elderly in Europe: The importance of being healthy

Yang, Yan
Fonte: NSBE - UNL Publicador: NSBE - UNL
Tipo: Dissertação de Mestrado
Publicado em /06/2013 Português
Relevância na Pesquisa
36.57%
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics; This work project addresses elderly individuals’ retirement behavior in 16 European countries. I use the longitudinal Survey of Health, Aging and Retirement in Europe (SHARE), Wave 4, to analyze the dynamic relationship between health and men and women’s retirement decision in later life. The evidence suggests that each health indicator (severe and mild condition, obesity, having restrictions in activities of daily living and grip strength) has its own significant effect on individual’s retirement decisions. Such effect varies across countries, and differs from men to women. Moreover, the empirical analysis shows that some socio demographic indicators are also very important for aging people’s retirement decision, especially, the education level.

The Drawdown of Personal Retirement Assets

Wise, David Alsgaard; Poterba, James M.; Venti, Steven F.
Fonte: John F. Kennedy School of Government, Harvard University Publicador: John F. Kennedy School of Government, Harvard University
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
46.51%
How households draw down the balances that they accumulate in retirement saving accounts such as 401(k) plans and Individual Retirement Accounts can have an important effect on the contribution of these accounts to retirement income security. This paper presents evidence on the pattern of withdrawals at different ages. We find a relatively modest rate of withdrawals prior to the age at which households are required to take minimum required distributions. Only seven percent of PRA-owning households between the ages of 60 and 69 take annual distributions of more than ten percent of their PRA balance, and only 18 percent of PRA households in this age group make any withdrawals in a typical year. The rate of distributions rises sharply after age 70 ½, when minimum distributions are required. The proportion of PRA-owning households making a withdrawal jumps to over 60 percent by age 71, and crosses 70 percent a few years later. On average, households age 60 to 69 with PRA accounts withdraw only about two percent of their account balances each year, considerably less than the rate of return on account balances during our sample period. Even at older ages—after the required minimum distribution age--the percentage of balances withdrawn remains at about five percent.

Essays in Public and Labor Economics

Zverina, Clara Monika
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation
Português
Relevância na Pesquisa
36.48%
This dissertation comprises three chapters. The first chapter estimates the crowd-out effect of Social Security on private retirement saving. In a quasi-experimental research design, I analyze the effect of the 1990 federal mandate of Social Security coverage for all state and local government employees who were not covered by an equivalent state pension. Using a sample of more than 12 million employer-employee observations on earnings and contributions to retirement plans, I find that Social Security coverage induces approximately 16% of those affected who had previously saved in private retirement plans to stop contributing. For those who continue contributing, Social Security coverage crowds out about 23% of pre-reform contributions.

Retirement income, bequests, and insurance : implications of mortality risk in a stochastic life cycle model

Brown, Jeffrey R. (Jeffrey Robert), 1968-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 208 p.; 14784083 bytes; 14783838 bytes; application/pdf; application/pdf
Português
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46.16%
by Jeffrey R. Brown.; Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Economics, c1999.; Includes bibliographical references.

Aging and the labor market

Lahey, Joanna
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 111 p.; 5978889 bytes; 5985331 bytes; application/pdf; application/pdf
Português
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36.37%
This thesis is a collection of three essays analyzing the interplay between aging and the labor market. The first chapter demonstrates that differential treatment by age exists in labor markets and explores different possible explanations for this differential treatment. As the baby boom cohort reaches retirement age, demographic pressures on public programs such as social security may cause policy makers to cut benefits and encourage work at later ages. This chapter reports on a labor market experiment to determine the hiring conditions for older women in entry-level jobs in Boston, MA and St. Petersburg, FL. I find differential interviewing by age for these jobs. A younger worker is more than 40% more likely to be offered an interview than an older worker. I find no evidence to support taste-based discrimination as a reason for this differential and some evidence to support statistical discrimination. The second chapter examines more closely one of the possible reason for this differential treatment. Older workers may cost employers more in terms of potential age discrimination lawsuits. I study the effects of state and federal age discrimination laws between 1968 and 1991. Prior to the enforcement of the federal law, state laws had little effect on older workers...

Closing the Coverage Gap : The Role of Social Pensions and Other Retirement Income Transfers

Holzmann, Robert; Robalino, David A.; Takayama, Noriyuki
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
36.65%
The book has four specific objectives: (a) to discuss the role of retirement income transfers in the context of a strategy for expanding old- age income security and preventing poverty among the elderly; (b) to take stock of international experience with the design and implementation of these programs; (c) to identify key policy issues that need to receive attention during the design and implementation phases; and (d) to offer some preliminary policy recommendations and propose next steps. The chapter one discusses the rationale for retirement income transfers. The main justifications are the limited coverage of the mandatory pension systems (chapter two) and the risk of poverty during old age (chapter three). Chapter four then examines the rights, based approach to expansion of social security coverage based on the conventions and recommendations of the International Labor Organization (ILO). The middle part of the book deals with international experience. Chapters five, six, and seven reviews selected programs in low-income...

Labor Supply and Retirement Policy in an Overlapping Generations Model with Stochastic Fertility

Jorgensen, Ole Hagen; Jensen, Svend E. Hougaard
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.48%
Using a stochastic general equilibrium model with overlapping generations, this paper studies a policy rule for the retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.

Reform and Backlash to Reform : Economic Effects of Ageing and Retirement Policy

Jensen, Svend E. Hougaard; Jorgensen, Ole Hagen
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.64%
Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to mitigate the effects of fertility changes on labor supply. In order to neutralize the effects on effective labor supply of a fertility decline, a retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously reduce labor supply at the intensive margin. This backlash to retirement reform requires the statutory retirement age to increase more than proportionally to fertility changes in order to compensate for endogenous responses of the intensity of labor supply. The robustness of this result is checked against alternative model specifications and calibrations relevant to an economic region such as Europe.

Health, mortality and retirement of the elderly in the United States

Yazbeck, Abdo Sleiman
Fonte: Universidade Rice Publicador: Universidade Rice
Português
Relevância na Pesquisa
36.55%
This study builds on an ever growing health demand and retirement literature. I extend the literature on structural models by developing and estimating a stochastic model that jointly considers health status, retirement and consumption in a life-cycle framework. I also use a number of specifications of reduced form models for mortality, morbidity, and labor withdrawal to examine the influence of social and economic factors and to study the difference in the experiences of black and white men. I develop and estimate a model that has the following characteristics: it (a) jointly determines health demand and labor supply, (b) allows the decisions to be made in a life-cycle framework, (c) is set in a stochastic environment, and (d) relaxes the assumption of intertemporally separable preferences by using a dynamic preference structure which incorporates forms of intertemporal nonseparability. Closed-form solutions can only be reached if strong and unrealistic restrictions are imposed on the model. This problem is solved by using generalized method of moments estimation on the set of highly nonlinear Euler equations. I use a number of models to explore black white inequalities in the United States with regard to mortality and morbidity for older men and to study the extent to which such differences are associated with observed differences in socioeconomic characteristics. Two measures of health status are used: a categorical variable of self-assessed health and a continuous variable that combines subjective and objective measures of health status. Within a race...

The Labor Supply and Retirement Behavior of China’s Older Workers and Elderly in Comparative Perspective

Giles, John; Wang, Dewen; Cai, Wei
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
36.67%
This paper highlights the employment patterns of China's over-45 population and, for perspective, places them in the context of work and retirement patterns in Indonesia, Korea, the United States, and the United Kingdom. As is common in many developing countries, China can be characterized as having two retirement systems: a formal system, under which urban employees receive generous pensions and face mandatory retirement by age 60, and an informal system, under which rural residents and individuals in the informal sector rely on family support in old age and have much longer working lives. Gender differences in age of exit from work are shown to be much greater in urban China than in rural areas, and also greater than observed in Korea and Indonesia. Descriptive evidence is presented suggesting that pension eligible workers are far more likely to cease productive activity at a relatively young age. A strong relationship between health status and labor supply in rural areas is observed, indicating the potential role that improvements in access to health care may play in extending working lives and also providing some basis for a common perception that older rural residents tend to work as long as they are physically capable. The paper concludes with a discussion of measures that may facilitate longer working lives as China's population ages.

The impact of early retirement reform on firms’ employment adjustment

Alecci, Andrea
Fonte: NSBE - UNL Publicador: NSBE - UNL
Tipo: Dissertação de Mestrado
Publicado em /01/2013 Português
Relevância na Pesquisa
36.55%
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics; Facing low participation rates of old workers and an increase in life ex- pectancy, in the last two decades many developed countries have reformed their social security systems to improve their long-term financial sustainability. In Europe, the starting point for the policy maker has been the increase in the statutory retirement age and the gradual phase-out of early retirement schemes. Against the common trend, the Portuguese legislator approved in 1999 an early retirement reform, allowing older workers to exibilize their retirment decision. In this paper I analyze the e¤ects of the 1999 reform on the retirement decision of the workers and the firms' employment adjustment. I find that after the reform workers retire earlier, and that the reform resulted in a job destruction process as firms do not replace old workers with young and prime age ones. I conclude that the reform failed to stimulate young employment and by allowing workers to retire earlier posed risks to the long-term sustainability of the Portuguese social security system.

Three essays in macroeconomics; 3 essays in macroeconomics

Farhi, Emmanuel
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 157 p.
Português
Relevância na Pesquisa
36.62%
Chapter 1 analyzes the theoretical and quantitative implications of optimal fiscal policy in a business cycle model with incomplete markets. I first consider the problem of a government facing expenditure shocks in an economy where the only asset is a real risk-free bond. The model features a representative-agent economy with proportional taxes on labor and capital. Taxes on capital must be set one period in advance, reflecting inertia in tax codes. This rules out replication of the complete markets allocation. In the model, capital taxation and capital ownership provide a state contingent source of revenues - creating a new potential role for capital taxation and ownership as risk sharing instruments between the government and private agents. For a baseline case, I show that the optimal policy features a zero tax on capital. Numerical simulations show that the baseline case provides an excellent benchmark: the average tax on capital, while not theoretically zero, turns out to be small. The volatility of capital taxes decreases sharply as the period length is increased. I then allow the government to hold a non trivial position in capital. Capital ownership allows the government to realize about 90% of the welfare gains from moving to complete markets.; (cont.) Large positions are typically required for optimality. But smaller positions achieve substantial benefits. In a business-cycle simulation...

Three essays in finance and macroeconomics; 3 essays in finance and macroeconomics

Panageas, Stavros
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 256 p.; 11271167 bytes; 11304695 bytes; application/pdf; application/pdf
Português
Relevância na Pesquisa
36.48%
In the first chapter I investigate whether firms' physical investments react to the speculative over-pricing of their securities. I introduce investment considerations in an infinite horizon continuous time model with short sale constraints and heterogeneous beliefs along the lines of Scheinkman and Xiong (2003) and obtain closed form solutions for all quantities involved. I show that market based q and investment are increased, even though such investment is not warranted on the basis of long run value maximization. I use a simple episode to test the hypothesis that investment reacts to over-pricing. With publicly available data on short sales during the 1920's, I examine both the price reaction and the investment behavior of a number of companies that were introduced into the "loan crowd" during the first half of 1926. In line with Jones and Lamont (2002), I interpret this as evidence of overpricing due to speculation. I find that investment by these companies follows both the increase and the decline in "q" before and after the introduction, suggesting that companies in this sample reacted to security over-pricing. In the next chapter of the thesis (co-authored with E. Farhi) we study optimal consumption and portfolio choice in a framework where investors save for early retirement. We assume that agents can adjust their labor supply only through an irreversible choice of their retirement time. We obtain closed form solutions and analyze the joint behavior of retirement time...

Essays in the economics of retirement income security and household decision-making

Aura, Saku P., 1971-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 91 leaves; 6542420 bytes; 6542179 bytes; application/pdf; application/pdf
Português
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46.41%
The first essay of this thesis studies within-family decision making regarding investment in income protection for surviving spouses using a simple and tractable Nash-bargaining model. A change in US pension law (the Retirement Equity Act of 1984) is used as an instrument to derive predictions from the bargaining model and to contrast these with the predictions of the classical single-utility-function model of the household. In the empirical part of the essay, the predictions of the classical model are rejected in favor of the predictions of the Nash-bargaining model. Second essay studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are characterized. Efficiency properties of different divorce asset division regimes are examined. The effect of inability to commit across time on the savings level is examined under a tractable special case of the model. Third essay is coauthored with Professor Peter Diamond and Professor John Geanakoplos. In this essay we extend Arrow's analysis of portfolio choice in a one-period model to savings and portfolio choice in a two-period model.; by Saku P. Aura.; Thesis (Ph. D.)--Massachusetts Institute of Technology...

Economic well-being and the family

Perry, Cynthia D
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 136 p.; 5116740 bytes; 5116549 bytes; application/pdf; application/pdf
Português
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36.48%
This thesis examines the well-being of families under changing labor market conditions, changes in the legal environment and changes in public policy. The first chapter asks how women's fertility decisions are affected by changing labor market conditions. Chapter two examines whether divorce shocks persist into old age, and the final chapter studies how the elderly alter their living arrangements in response to changes in Social Security benefit payments. Chapter one exploits exogenous variation in labor demand for women to measure how total fertility responds to changes in female earnings. The principal finding is that women who are likely to face lower wage offers - those who have completed high school or are high school dropouts - reduce their total fertility when labor market conditions are better. In contrast, women who are likely to face higher wage offers - those who have completed at least some college - increase their total fertility when labor market conditions improve. Chapter two exploits variation in property division laws to examine whether there is a persistent effect of such laws on the well-being of ever-divorced women in retirement. The results suggest that a woman who divorces in a state and year where all pension assets are recognized as marital property has higher per capita household income in retirement than a woman who divorced in a state where pensions were not considered marital property.; The results are consistent with some persistence in the effect of property division laws at divorce...

Essays on Retirement, Savings and Health

Fadlon, Yizhak
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
Português
Relevância na Pesquisa
36.67%
As life expectancy rises and the workforce around the developed world ages, questions about retirement, savings, and health are becoming increasingly important. Are households saving enough for retirement? What is the role of employer contributions to savings accounts in determining overall savings? To what extent are households insured against health shocks and are they financially prepared to face them? How should the answers to these questions guide us in designing optimal social insurance policies? This dissertation addresses these important questions on the economics of aging. In the three chapters of this dissertation, I apply theory in analyzing the behavior of households, firms, and the social planner, and quasi-experimental research designs that use newly available administrative data on labor market behavior and health outcomes. The first chapter, jointly written with Torben Heien Nielsen, studies how households respond to severe health shocks and the insurance role of spousal labor supply. In the empirical part of the paper, we provide new evidence on individuals' labor supply responses to spousal health and mortality shocks. Analyzing administrative data on over 500,000 Danish households in which a spouse dies, we find that survivors immediately increase their labor supply and that this effect is entirely driven by those who experience significant income losses due to the shock. Notably...

Behavioral Economics Perspective on Public Sector Pension Plans

Beshears, John; Choi, James J.; Laibson, David I.; Madrian, Brigitte
Fonte: Cambridge University Press Publicador: Cambridge University Press
Tipo: Artigo de Revista Científica
Português
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46.48%
We describe the pension plan features of the states and the largest cities and counties in the U.S. Unlike in the private sector, defined benefit (DB) pensions are still the norm in the public sector. However, a few jurisdictions have shifted toward defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate more movement in this direction. Holding fixed a public employee's work and salary history, we show that DB retirement income replacement ratios vary greatly across jurisdictions. This creates large variation in workers’ need to save for retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC plans because of differences in the level of mandatory employer and employee contributions. One notable difference between public and private sector DC plans is that public sector primary DC plans are characterized by required employee or employer contributions (or both), whereas private sector plans largely feature voluntary employee contributions that are supplemented by an employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public sector plans.

Essays in Institutional Economics

Lustig, Scott Jordan
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação
Publicado em //2011 Português
Relevância na Pesquisa
36.49%

This dissertation is a collection of three chapters all pertaining to institutional economics. In short, the eld of institutional economics is an outgrowth of public economics, in the sense that in many cases he key institutions that frame economic decisionmaking are the product of public policy. However this is not exclusive. Institutional economics' key contribution is the acknowledgement that cultural and social institutions --- often developed organically over the course of centuries --- can play as signicant a role in individuals' economic choices as governmental policy. In the pages that follow, we will address the economic impact of cultural and political institutions in three contexts: Judicial decisionmaking in Islamic courts, the effects

of negative health shocks on retirement savings, and the tradeoff between retirement savings and investment in durable goods.

; Dissertation

Mandatory retirement : a constraint in transitions to retirement?

Gomez, Rafael; Gunderson, Morley; Luchak, Andrew
Fonte: London School of Economics and Political Science Research Publicador: London School of Economics and Political Science Research
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2002 Português
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36.5%
Issues associated with retirement in general, and phased transitions into retirement in particular, are taking on increased importance for a variety of reasons. Outlines those reasons, paying particular attention to the practice of mandatory retirement. Presents age dependency ratios for the OECD to highlight the importance of these issues in the context of an ageing and longer-lived workforce relative to a smaller working age population. Then discusses the prevalence of mandatory retirement in Canada and the USA, and presents empirical evidence from Canada on variables associated with retiring because of mandatory retirement. The Canadian case is of particular interest, because mandatory retirement in Canada has generally not been banned, which is in marked contrast with the situation in the USA, where it has been banned as constituting age discrimination. The public and legal debate over the issue of mandatory retirement has also been extensive in Canada, and this debate may provide information for other countries dealing with the issue. Ends with an assessment of the extent to which mandatory retirement exerts a constraining influence on transitions into retirement. The essential argument is that its constraining impact is not as simple as it may initially appear. To the extent that mandatory retirement is an intricate part of the compensation and human resource function of firms...

Transition from work to retirement in EU25

Zaidi, Asghar; Makovec, Mattia; Fuchs, Michael
Fonte: Centre for Analysis of Social Exclusion, London School of Economics and Political Science Publicador: Centre for Analysis of Social Exclusion, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /10/2006 Português
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36.45%
The policy agenda of extending working lives requires a holistic understanding of factors underlying the decision of older workers to withdraw from work and to retire. This brief paper presents employment patterns and trends of older people across EU Member States and identifies policy initiatives that would encourage more flexible and later retirement. The descriptive empirical evidence (from the EU Labour Force Survey) indicates that there are a broad range of experiences in EU countries with respect to the employment of older workers (those aged 50 and over). Strikingly, in the majority of EU15 countries, close to one-half of those of 50 and over are either unemployed or inactive, with reliance either on early retirement pensions or on social assistance benefits. The recent pension reforms in a number of these countries have increased the retirement age and this is likely to induce older workers to work longer. There is already some evidence that the effective retirement age is on the increase. Results suggest that the increase in older workers’ employment is stronger for women than for men, and also for more highly educated. In most instances older workers either tend to be in full-time employment or inactive with very few occupying intermediate positions. Although there is some evidence of a gradual transition towards retirement...