2007
Labor Market Status and Transitions During the Pre-Retirement Years: Learning from International Differences
WP 2007-149 , UM06-22
Many western industrialized countries face strong budgetary pressures due to the aging of the baby boom generations and the general trends toward earlier ages of retirement. The commonality of these problems has the advantage of offering an empirical laboratory for…
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The Responsiveness of Private Savings to Medicaid Long Term Care Policies
WP 2007-150 , UM06-18
This paper examines the extent to which private savings responds to the availability of a social insurance program. We focus on the Medicaid nursing home assistance program and uses variation in state Medicaid policies in the 1960s and 1990s to…
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Enhancing the Quality of Data on the Measurement of Income and Wealth
WP 2007-151 , UM06-01
Over the last decade or so, a substantial effort has gone into the design of a series of methodological investigations aimed at enhancing the quality of survey data on income and wealth. These investigations have largely been conducted at the…
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Money in Motion: Dynamic Portfolio Choice in Retirement
WP 2007-152 , UM07-17
Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation…
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Disability Insurance with Prefunding and Private Participation: the Chilean Model
Many countries have adopted old age systems that include individual accounts—funded, privately managed defined contribution plans. Such a system has been under discussion in the US. It is particularly difficult to figure out how to incorporate disability benefits into a…
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Projecting Behavioral Responses to the Next Generation of Retirement Policies
WP 2007-153 , UM05-02
This paper examines retirement and related behavioral responses to policies that on average are actuarially neutral. Many conventional models predict that actuarially neutral policies will not affect retirement behavior. In contrast, our model allows those with high time preference rates…
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2006
Consumption and Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS
WP 2006-110 , UM05-08
According to economic theory, well-being or utility depends on consumption. However, at the household level, total consumption is rarely well measured because its collection requires a great deal of survey time. As a result income has been widely used to…
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On the Covariance Structure of Changes in Consumption in the Health and Retirement Study
WP 2006-112 , UM05-S1
Using generalized method of moments on the covariance matrix, I test three models of consumption change on constructed consumption data from the Health and Retirement Study. Meant as a first step towards estimating life-cycle effects of subjective survival probabilities on…
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The Effect of Unfolding Brackets on the Quality of Wealth Data in HRS
WP 2006-113 , UM05-06
A characteristic feature of survey data on household wealth is the high incidence of missing data—roughly one in three respondents who report owning an asset are unable or unwilling to provide an estimate of the exact amount of their holding.…
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