?> 2004 – Publication Years – MRDRC

Economic Adjustment of Recent Retirees to Adverse Wealth Shocks

Since the mid-nineties, the stock market has had an unprecedented impact on the wealth of current and future retirees. Using data from the Current Population Survey and the Health and Retirement Study, this report estimates consumption and labor supply responses…

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Trading with the Unborn: A New Perspective on Capital Income Taxation

  • June 14, 2018
  • Uncategorized

Security markets between generations are incomplete in the laissez-faire economy since risk sharing agreements cannot be made with the unborn. But suppose that generations could trade if, for example, a representative of the unborn negotiated on their behalf today. What…

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Life, Death, and the Economy: Mortality Change in Overlapping-Generations Model

Demographers have shown that there are regularities in mortality change overtime, and have used these to forecast changes due to population aging. Such models leave out potential economic feedbacks that should be captured by dynamic models such as the general-equilibrium,…

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Personal Accounts and Family Retirement

This paper constructs a model of retirement and saving by two earner couples. The model includes three dimensions of behavior: the joint determination of retirement and saving; heterogeneity in time preference; and the interdependence of retirement decisions of husbands and…

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Payout Choices by Retirees in Chile: What Are They and Why?

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…

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