Explanations for the Decline in Spending at Older Ages

We use new data from the 2019 wave of the Consumption and Activities Mail Survey to help interpret the observed decline in spending as individuals age. At one extreme, forward-looking individuals optimally chose the decline; at the other, myopic individuals…

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Auto-Enrollment Retirement Plans in OregonSaves

Oregon recently launched an automatic-enrollment retirement savings program for private sector workers lacking access to other workplace retirement plans. We analyze participation choices, account balances, and inflow/outflow data using administrative records between August 2018 and April 2020. Within the small-…

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Heterogeneity in Household Spending and Well-being Around Retirement

We study heterogeneity in spending patterns around the time of retirement. Using rich consumption data from the Panel Study of Income Dynamics, and exploiting within-household spending variation, we systematically classify households into groups characterized by differences in consumption transitions at…

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The Early Impacts of the Coronavirus Pandemic on Americans’ Economic Security

The COVID-19 pandemic has had enormous effects on the U.S. economy and may have had serious negative repercussions for many Americans’ financial stability. We use longitudinal survey data from a nationally representative internet panel, the Understanding America Study, to examine…

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Auto-Enrollment Retirement Plans in OregonSaves

Oregon recently launched an automatic-enrollment retirement savings program for private sector workers lacking access to other workplace retirement plans. We analyze participation choices, account balances, and inflow/outflow data using administrative records between August 2018 and April 2020. Within the small-…

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Understanding Racial Disparities in Financial Preparedness for Retirement

To understand racial disparities in retirement age and financial preparedness, we construct a model of labor supply, retirement, and savings over the life cycle where all parameters, including preferences for time and risk and the stochastic processes of marriage, fertility,…

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The Ongoing Impacts of COVID-19 on Americans’ Economic Security

This project builds on our current work examining how the ongoing COVID-19 pandemic has affected Americans’ financial well-being by using existing and soon to be collected data from the Understanding America Study (UAS). Our analysis will shed light on (1)…

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Retirement Pensions and Disability Insurance for the 21st Century

This project will estimate the degree of disability risk among the older than 50 population in the United States and England, and evaluate joint reforms of disability insurance and retirement pension programs in a dynamic model of labor supply, social…

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