2003 – Publication Years

Lifetime Earnings Variability and Retirement Wealth

June 14, 2018
Health and Retirement Study, Retirement

This paper explores how earnings variability is related to retirement wealth. Past research has demonstrated that the average American household on the verge of retirement would need to save substantially more, in order to preserve consumption flows in old age.…

What to Expect when you are Expecting Rationality: Testing Rational Expectations using Micro Data

June 14, 2018
Behavioral economics, Health and Retirement Study, Retirement

This paper tests the Rational Expectations (RE) hypothesis regarding retirement expectations, controlling for sample selection, reporting biases, and unobserved heterogeneity. We find that retirement expectations in the Health and Retirement Study (HRS) are consistent with the RE hypothesis. We also…

Defined Benefit Pension Plan Liabilities and International Asset Allocation

June 14, 2018
Uncategorized

The Economic Status of Elderly Divorced Women

June 14, 2018
Financial well-being, Labor force participation, Social Security

Over the past 35 years the gap in poverty between divorced and married women increased from 2:1 (in 1967) to 4:1 (in 2001). Despite high poverty rates, divorced women are no less educated than married women. Labor market earnings are…

Microsimulations in the Presence of Heterogeneity

June 14, 2018
Behavioral economics

This paper develops a method that improves researchers’ ability to account for behavioral responses to policy change in microsimulation models. Current microsimulation models are relatively simple, in part because of the technical difficulty of accounting for unobserved heterogeneity. This is…

Saving for Retirement: Wage Growth and Unexpected Events

June 14, 2018
Uncategorized

Labor Supply Responses to Social Security

June 14, 2018
Labor Supply, Life-cycle model, Social Security

Economists’ most basic model for studying Social Security policy issues is the so—called life—cycle model of saving behavior. This paper sets up a life—cycle model in which a household simultaneously chooses its lifetime consumption profile and retirement age. The paper…

The Economic Status of Elderly Divorced Women

June 14, 2018
Uncategorized

Lifetime Earnings Variability and Retirement Wealth

June 14, 2018
Uncategorized

Who Becomes a Stockholder? Expectations, Subjective Uncertainty, and Asset Allocation

June 14, 2018
Uncategorized