2003 | MRDRC

Project

2003

Dissertation Research: “The Employment of Working Age People with Disabilities: A Comparison of PSID and CPS Results”

Using a single period measure to capture the population with disabilities in the Panel Study of Income Dynamics we observe the same dramatic decline in the relative employment rate of working age people with disabilities in the 1990s that is found in the Current...

Authors: Lina Walker,

Project

2003

Stochastic Modeling of Trust Fund using Assumptions from 2002 OASDI Trustees Report

We present stochastic forecasts of the Social Security trust fund by modeling key demographic and economic variables as historical time series, and using the fitted models to generate computer simulations of future fund performance. We evaluate several plans for...

Authors: Ronald D. Lee,

Project

2003

Jr Scholar Research: “Do The Newly Retired Adjust Their Consumption or Labor Supply When Their Retirement Wealth Drops?”

Since the mid-nineties, the stock market has had an unprecedented impact on the wealth of current and future retirees. The sharp declines in stock values since 2000 reduced the wealth of many retirees. This study quantifies the magnitude of the wealth loss and...

Authors: Purvi Sevak,

Project

2003

Jr Scholar Research: “Testing for Adverse Selection in South African Annuitant Data”

This paper develops an equilibrium model of the annuities market where agents have private information about their mortality, and where the accuracy of this information decays over time. The paper shows that in this case, insurance companies will observe a...

Authors: David McCarthy,

Project

2003

Consumption and Time-Use Before and After Retirement

The simple one-good model of life-cycle consumption requires “consumption smoothing.” However, British and U.S. households apparently reduce consumption at retirement and the reduction cannot be explained by the life-cycle model. An interpretation is that retirees are...

Authors: Michael Hurd, Susann Rohwedder,

Project

2003

Household Retirement Expectations, Social Security Reform, and Savings Adequacy

This paper tests the Rational Expectations (RE) hypothesis regarding retirement expectations of married older American couples, controlling for sample selection and reporting biases. In prior research we found that individual retirement expectation formation was...

Authors: Hugo Benítez-Silva, Debra Sabatini Dwyer,

Project

2003

Welfare Measures in a Stochastic Production Economy with Overlapping Generations: An Application to Social Security Reform

General-equilibrium analyses of Social Security reforms have usually been analyzed using either deterministic models or models with idiosyncratic wage shocks. Since aggregate uncertainty does not exist in these models, prices can be perfectly forecasted. As a result,...

Authors: Kent Smetters,

Project

2003

Understanding Patterns of Social Security Benefit Receipt, Pensions Incomes, Retirement and Saving By Race, Ethnicity, Gender and Marital Status: A Structured Approach

The project will examine the distributions of AIME, PIA and resulting own and spouse benefits, patterns of benefit acceptance, by race, ethnicity, gender and marital status. We then will fit a joint structural model of retirement and wealth for each group...

Authors: Thomas L. Steinmeier, Alan Gustman,

Project

2003

Take-up of the Supplemental Security Income Program by the Low-Income Elderly: Interactions with the Social Security System

The Supplemental Security Income (SSI) program provides an income and health care safety net for the elderly poor. The phenomenon of apparently eligible households that do not enroll in, or ‘take up’ SSI has been noted as a severe problem since the...

Authors: Elizabeth Powers, Todd Elder,

Project

2003

Back to Work: Trends in Post-Retirement Employment

Retirement is often modeled as an absorbing state. But in fact, many people return to paid work after they retire—that is, they unretire. Despite an extensive literature on retirement behavior, little is known about unretirement. An individual might go back to work...

Authors: Nicole Maestas,

Project

2003

Impact of the 1996 SSI Childhood Disability Reforms on Affected Children and Families

The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 changed the definition of disability used to determine eligibility for disabled children under the Supplemental Security Income program and made other changes in the program. The law required...

Authors: Paul Davies, Lynn Karoly,

Project

2003

Dissertation Research: “Elderly Households and Housing Wealth: Do They Use It or Lose It?”

Over 80 percent of households in their 50s are homeowners and housing wealth accounts for over half of total household wealth for most of these homeowners. The evidence in the literature on whether the elderly are consuming their housing wealth has been mixed. Because...

Authors: Lina Walker,

Project

2003

Dissertation Research: “Defined Benefit Pension Plan Liabilities and International Asset Allocation”

Despite the integration of international capital markets and the relaxation of capital controls, U.S. defined benefit pension plans do not sufficiently diversify their assets across international holdings. In this paper, we explore whether incorporating liabilities in...

Authors: Lina Walker,

Project

2003

Papers on International Social Insurance Program Reform

Abstract from first paper: Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates. Most workers receive virtually all of their retirement income from this...

Authors: Axel Börsch-Supan, Agar Brugiavini,

Project

2003

Lifetime Uncertainty and Social Security Reform

Economists have two standard models for analyzing private saving in a macroeconomic context. In one, the so–called overlapping generations, or life–cycle, framework, households save to smooth their lifetime consumption — quintessentially, to maintain their standard of...

Authors: John Laitner,

Project

2003

How To Evaluate the Effects of Social Security Policies on Retirement and Saving When Firm Policies Affect the Opportunities Facing Older Individuals

This project will examine the effects on retirement and saving of firm side factors, including minimum hours constraints, layoffs, job requirements, informal pressures to retire, job accommodations, retirement windows, and pension rules affecting payment when...

Authors: Thomas L. Steinmeier, Alan Gustman,

Project

2003

Characteristics Of And Determinants Of The Density Of Contributions in a Private Social Security System

This proposal is on the SSA identified priority research areas (5) “international research on pension and Social Security issues” and (6) “distributional aspects of proposed Social Security reforms” and will target reform areas related to expected participation in...

Authors: David Bravo, Jere Behrman,

Project

2003

How Attractive Are Guarantees In Social Security Personal Retirement Accounts?

This paper evaluates how workers might invest their Personal Retirement Account (PRA) funds between safe and risky assets, depending on whether they are offered a rate of return guarantee on the risky asset. We focus on how asset allocation decisions might differ...

Authors: Olivia S. Mitchell, Alexander Muermann,

Project

2003

The Impact of Financial Education On Savings And Asset Allocation

In this paper, I examine the financial situation of older households. In addition, I examine whether employers’ initiatives to reduce planning costs via retirement seminars have an effect on workers’ saving. Using data from the Health and Retirement Study, I first...

Authors: Annamaria Lusardi,

Project

2003

How Will the Annuities Market Develop If Social Security Includes Individual Accounts? The Case of Chile

In 1981 Chile adopted its new multi-pillar system, which featured privately managed individual accounts. Starting in 1983 payouts from the accounts were permitted and detailed rules about payouts were put in place. The Chilean scheme therefore gives us an opportunity...

Authors: Estelle James, Augusto Iglesias Palau, Guillermo Martínez Barros,

Project Year: 2003

Dissertation Research: “The Employment of Working Age People with Disabilities: A Comparison of PSID and CPS Results”

Stochastic Modeling of Trust Fund using Assumptions from 2002 OASDI Trustees Report

Jr Scholar Research: “Do The Newly Retired Adjust Their Consumption or Labor Supply When Their Retirement Wealth Drops?”

Jr Scholar Research: “Testing for Adverse Selection in South African Annuitant Data”

Consumption and Time-Use Before and After Retirement

Household Retirement Expectations, Social Security Reform, and Savings Adequacy

Welfare Measures in a Stochastic Production Economy with Overlapping Generations: An Application to Social Security Reform

Understanding Patterns of Social Security Benefit Receipt, Pensions Incomes, Retirement and Saving By Race, Ethnicity, Gender and Marital Status: A Structured Approach

Take-up of the Supplemental Security Income Program by the Low-Income Elderly: Interactions with the Social Security System

Back to Work: Trends in Post-Retirement Employment

Impact of the 1996 SSI Childhood Disability Reforms on Affected Children and Families

Dissertation Research: “Elderly Households and Housing Wealth: Do They Use It or Lose It?”

Dissertation Research: “Defined Benefit Pension Plan Liabilities and International Asset Allocation”

Papers on International Social Insurance Program Reform

Lifetime Uncertainty and Social Security Reform

How To Evaluate the Effects of Social Security Policies on Retirement and Saving When Firm Policies Affect the Opportunities Facing Older Individuals

Characteristics Of And Determinants Of The Density Of Contributions in a Private Social Security System

How Attractive Are Guarantees In Social Security Personal Retirement Accounts?

The Impact of Financial Education On Savings And Asset Allocation

How Will the Annuities Market Develop If Social Security Includes Individual Accounts? The Case of Chile

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