2013 | MRDRC

Project

2013

Uncovering the Relationship Between Real Interest Rates and Economic Growth

The connection between LR real interest rates and LR economic growth is an important question that is the subject of further investigation here. The purpose of this project is twofold: first, survey the relevant empirical literature and the theoretical links between...

Authors: Ananth Seshadri, Bruce Hansen,

Project

2013

Technical Review Panel for the PIMS Model

We propose to mount a Technical Review Panel to provide an academic assessment of the data, assumptions, and methods driving the Pension Insurance Modeling System (PIMS). The goal of the proposed Technical Review Panel will be to engage top-notch academics who will...

Authors: Olivia S. Mitchell,

Project

2013

Optimal Retirement Plan Design: Variable Annuities with Lifetime Income Guarantees and Investment Downside Protection

When financially inexperienced consumers must manage their self-directed retirement accounts, they may fail to understand investment and longevity risk. This problem can be rectified if defined contribution plans include variable deferred annuities with lifetime...

Authors: Olivia S. Mitchell, Raimond H. Maurer,

Project

2013

Cognitive Ability, Expectations, and Beliefs about the Future: Psychological influences on retirement decisions

Recent advances in behavioral decision research, behavioral economics, and life-span development psychology provide leverage for expanding our understanding of early versus later retirement. The proposed project would examine how retirement decisions are affected by...

Authors: Susann Rohwedder, Leandro Carvalho, Andrew Parker,

Project

2013

Working at Older Ages: the Roles of Work Environment and Psychological Factors.

While financial preparedness for retirement and health shocks are often cited as main predictors of the choice to exit the labor force, other work-related factors may underlie retirement decisions. Changing and unfavorable work conditions may adversely impact one’s...

Authors: Michael Hurd, Erik Meijer, Marco Angrisani, Andrew Parker,

Project

2013

A User’s Guide to Idiosyncratic Income Risk

This project will make both substantive and methodological contributions to the study of idiosyncratic income risk. Substantively, the project will use a panel dataset on labor earnings from administrative records that has three key advantages: (i) a very large sample...

Authors: Jae Song, Fatih Guvenen,

Project

2013

Debt and Debt Management among Older Adults

In recent decades, financial markets have become increasingly accessible to individual consumers, as new products and financial services have come on the market. Nonetheless, many of these products are complex and difficult to grasp, especially for financially...

Authors: Olivia S. Mitchell, Annamaria Lusardi,

Project

2013

Evaluating Two Technological Interventions Encouraging Retirement Saving

The goal of this project is to explore the efficacy of two technological approaches to promote voluntary saving in 401(k) retirement accounts. Working with Vanguard, a leading 401(k) plan administrator, we will evaluate the impact of two new retirement saving features...

Authors: Olivia S. Mitchell,

Project

2013

The Assets and Liabilities of Cohorts: The Antecedents of Retirement Security

This interdisciplinary proposal uses repeated cross-sectional data from the Survey of Consumer Finances to characterize cohort patterns of net worth and debt. Cohort patterns are useful to study for several reasons. First, they provide a useful benchmark for...

Authors: John Karl Scholz, Ananth Seshadri, J. Michael Collins,

Project

2013

How Family Status Influences Work and Retirement, Saving and Dissaving, Insurance Demand and Portfolio Choice over the Life Cycle

This project will analyze how changing family status over the life cycle influences consumption, portfolio choice, life insurance demand, and labor supply. Prior models have not focused in much detail on the way in which changes in marital status and numbers of...

Authors: Olivia S. Mitchell, Raimond H. Maurer,

Project

2013

Health, Health Care Utilization and Age at Initial Social Security Benefit Claiming

This project uses new data and methods to compare the health status of Social Security beneficiaries. We profile the health of Social Security beneficiaries who claim benefits at different ages (at 62, between 62 and Normal Retirement Age, at NRA) in order to help...

Authors: John Bound, Helen Levy, Lauren Nicholas,

Project

2013

Does Retirement Influence Subjective Well-Being? A Cross-Country Comparison

How does retirement influence subjective well-being? Some studies suggest retirement does not affect subjective well-being or may improve it. Others suggest that it adversely affects well-being. We will study the effect of retirement on subjective well-being by (1)...

Authors: Arie Kapteyn, Gema Zamarro, Jinkook Lee,

Project

2013

Measuring Re-Immigration Flows from Mexico

The present study uses survey data collected in Mexico to examine the previous migration experience and legal status of Mexicans migrating to the US. An understanding of re-immigration rates and the prior US work history of arriving immigrants has the potential to...

Authors: Michael S. Rendall, Peter Brownell,

Project

2013

Health Insurance and Retirement Decisions

We develop a rich model to study the complex interrelationship between health insurance and retirement decisions. The decision to retire depends on a number of factors including availability of health insurance, health shocks, pensions, Social Security, and how...

Authors: John Karl Scholz, Ananth Seshadri,

Project

2013

How Close to Actuarial Fairness Are Old-Age, Spouse’s and Widower’s Benefits for Current and Future Beneficiaries?

We propose to analyze how close Social Security’s adjustments to old-age, spouse’s, and survivor’s benefits are to actuarial fairness for workers and their (surviving) spouses. Using cohort life table data and mortality projections, we will assess the actuarial...

Authors: Frank Heiland, Na Yin,

Project

2013

Policy Implications of the Demand for and Supply of Informal Long-term Care

This research has direct implications for policies aimed at increasing the welfare of the elderly and disabled who use long-term care. There are likely strong linkages between various policies that provide old-age support, e.g., Social Security, Medicare, Medicaid,...

Authors: Lee Lockwood, Ethan Lieber,

Project

2013

Did Age Discrimination Protections Help Older Workers Weather the Great Recession?

This research project has three goals. The first is to assemble rich evidence on how the Great Recession affected labor market outcomes and the retirement-related behavior of older workers, and the channels by which the labor market effects occurred (dismissals, less...

Authors: David Neumark,

Project

2013

Expectations and Consumption

The objective of this proposed research is to estimate the effect of expectations on consumption. We will use low frequency data on expectations, consumption (spending) and economic resources from the Health and Retirement Study and high frequency data from the...

Authors: Michael Hurd, Susann Rohwedder,

Project

2013

Macroeconomic Determinants of Retirement Timing

Several key macroeconomic variables such as unemployment rate, inflation and wage growth are thought to have significant and persistent effects on individuals’ retirement choices. This proposal seeks to use the SSA’s Continuous Work History Sample (CWHS) data (in...

Authors: Dmitriy Stolyarov, Yuriy Gorodnichenko,

Project

2013

The Social Security Windfall Elimination and Government Pension Offset Provisions for Public Employees in the Health and Retirement Study

This project will estimate the effects of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) provisions of Social Security on the retirement preparedness of affected workers and their households. These provisions reduce own, spouse and...

Authors: Thomas L. Steinmeier, Alan Gustman, Nahid Tabatabai,

Project Year: 2013

Uncovering the Relationship Between Real Interest Rates and Economic Growth

Technical Review Panel for the PIMS Model

Optimal Retirement Plan Design: Variable Annuities with Lifetime Income Guarantees and Investment Downside Protection

Cognitive Ability, Expectations, and Beliefs about the Future: Psychological influences on retirement decisions

Working at Older Ages: the Roles of Work Environment and Psychological Factors.

A User’s Guide to Idiosyncratic Income Risk

Debt and Debt Management among Older Adults

Evaluating Two Technological Interventions Encouraging Retirement Saving

The Assets and Liabilities of Cohorts: The Antecedents of Retirement Security

How Family Status Influences Work and Retirement, Saving and Dissaving, Insurance Demand and Portfolio Choice over the Life Cycle

Health, Health Care Utilization and Age at Initial Social Security Benefit Claiming

Does Retirement Influence Subjective Well-Being? A Cross-Country Comparison

Measuring Re-Immigration Flows from Mexico

Health Insurance and Retirement Decisions

How Close to Actuarial Fairness Are Old-Age, Spouse’s and Widower’s Benefits for Current and Future Beneficiaries?

Policy Implications of the Demand for and Supply of Informal Long-term Care

Did Age Discrimination Protections Help Older Workers Weather the Great Recession?

Expectations and Consumption

Macroeconomic Determinants of Retirement Timing

The Social Security Windfall Elimination and Government Pension Offset Provisions for Public Employees in the Health and Retirement Study

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