2003
Labor Supply Flexibility and Portfolio Choice: An Empirical Analysis
WP 2003-056 , UM03-09
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…
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Retirement Effects of Proposals by the President’s Commission to Strengthen Social Security
WP 2003-038 , UM02-02
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…
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The Social Security Reform Process in Italy: Where do We Stand?
WP 2003-052 , UM03-01
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.…
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How the Employment of Working Age People with Disabilities Changed in the 1980s and 1990s: Comparing PSID and CPS Results
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The Impact of Poor Health Behaviors on Workforce Disability
WP 2003-057 , UM02-12
The effects of poor health habits on mortality have been studied extensively. However, few studies have examined the impact of these health behaviors on workforce disability. In the Health and Retirement Study, a nationally representative cohort of 6044 Americans who…
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How Important Are Wages to the Elderly? Evidence from the New Beneficiary Data System and the Social Security Earnings Test
WP 2003-049 , UM02-09
More than 40 percent of Social Security beneficiaries continue to work after age 65. This research investigates the extent to which these individuals substitute labor across periods in response to anticipated wage changes induced by the Social Security earnings test.…
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The Demand for Guarantees in Social Security Personal Retirement Accounts
WP 2003-060 , UM03-05
This project evaluates how workers might invest their Personal Retirement Account (PRA) funds between safe and risky assets, depending on whether they are offered a rate of return guarantee on the risky asset. We focus on how asset allocation decisions…
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Defined Benefit Pension Plan Liabilities and International Asset Allocation
WP 2003-058 , UM03-D2
Despite the integration of international capital markets and the relaxation of capital controls, U.S. defined benefit pension plans do not sufficiently diversify their assets across international holdings. In this paper, we explore whether incorporating liabilities in the asset allocation decision…
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Expectations in Micro Data: Rationality Revisited
WP 2003-059 , UM02-11
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…
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