2003 – Publication Years

How the Employment of Working Age People with Disabilities Changed in the 1980s and 1990s: Comparing PSID and CPS Results

June 14, 2018
Uncategorized

Expectations in Micro Data: Rationality Revisited

June 14, 2018
Behavioral economics

An increasing number of longitudinal data sets collect expectations information regarding a variety of future individual level events and decisions, providing researchers with the opportunity to explore expectations over micro variables in detail. We provide a theoretical framework and an…

The Social Security Reform Process in Italy: Where do We Stand?

June 14, 2018
International, Social Security, Social Security reform

A reform process is under way in Italy. Achieving financial sustainability of the social security system has been the first objective characterizing the reforms of 1990s, but these have also introduced rules which aim at a more actuarially fair system.…

Retirement Effects of Proposals by the President’s Commission to Strengthen Social Security

June 14, 2018
Retirement, Social Security

This paper simulates the retirement effects of the various elements of proposals made by the President’s Commission to Strengthen Social Security (CSSS). Simulations are based on a structural dynamic model of retirement and savings estimated with data from the first…

Labor Supply Flexibility and Portfolio Choice: An Empirical Analysis

June 14, 2018
Health and Retirement Study, Labor Supply

This paper uses panel data from the Health and Retirement Study to estimate the relationship between measures of labor supply flexibility and portfolio-choice decisions by utility-maximizing individuals. Seminal research on portfolio decisions over the lifecycle, and recent research on stochastic…

Social Security, Retirement and Wealth: Theory and Implications

June 14, 2018
Retirement, Social Security

The effect of Social Security rules on the age people choose to retire can be critical in evaluating proposed changes to those rules. This research derives a theory of retirement that views retirement as a special type of labor supply…

Understanding Individual Account Guarantees

June 14, 2018
Social Security

Demographic aging renders workers vulnerable to the inherent uncertainty of unfunded social security systems. This realization has set off a global wave of social security reforms, and more than 20 countries have set up Individual Accounts (IA) plans in response.…

The Annuity Puzzle Revisited

June 14, 2018
Behavioral economics, Retirement, Social Security

There is a pressing need for a better understanding of how access to various types of financial products can impact retirement behavior, especially if this access comes from a change in the incentive scheme through a reform of the current…

A Lifecycle Analysis of Defined Benefit Pension Plans

June 14, 2018
Life-cycle model, pensions

This paper employs a lifecycle model from the consumption-savings literature to examine the tradeoffs between defined benefit and defined contribution pension plans. We examine the effects of varying risk aversion, varying initial income and financial wealth, and varying wage processes…

Mental Health and Labor Force Exits in Older Workers: The Mediating or Moderating Roles of Physical Health and Job Factors

June 14, 2018
Health, Labor force participation, Older workers, Retirement, Social Security

This paper extends earlier health and work studies by examining how mental health affects transitions out of paid work in the years prior to the traditional Social Security retirement ages. Given recent changes in the labor market, optimal mental health…