2003
The German Public Pension System: How it Was, How it Will Be
WP 2003-041 , UM03-01
Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates. Most workers receive virtually all of their retirement income from this public retirement insurance. Costs are…
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The Impact of Diabetes on Work-force Participation: Results from a National Household Sample
WP 2003-034 , UM01-11
Background. Diabetes is a highly prevalent condition with substantial associated morbidity. The economic impact of diabetes is dramatic, with estimated total costs of $98 billion in 1997. We sought to investigate the effects of diabetes on work-force participation, including absenteeism,…
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Who Becomes a Stockholder? Expectations, Subjective Uncertainty, and Asset Allocation
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Microsimulations in the Presence of Heterogeneity
WP 2003-048 , UM01-08
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…
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Labor Supply Responses to Social Security
WP 2003-050 , UM02-03
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…
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