Now showing items 51-60 of 187
Understanding Earnings, Labor Supply, and Retirement Decisions
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2017-09)
We develop and estimate a model in which individuals make decisions on consumption, human capital investment, labor supply, and retirement. Unlike all previous work, our model allows both an endogenous wage process (which ...
Interest Rate Trends in a Global Context
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2019-09)
Long-term interest rates have been falling globally since the early 1980s and have reached historically low levels. Past forecasts largely missed this secular decline. This paper reviews methodologies for making long-term ...
Behavioral Effects of Social Security Policies on Benefit Claiming, Retirement and Saving
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2012-08)
This paper specifies three behavioral variants of a structural model of retirement and saving to bring predicted Social Security claiming rates closer to the rates observed in the data. The model, estimated with Health and ...
Personality Traits and Economic Preparation for Retirement
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2012-09)
This paper assesses the effects of personality traits on economic preparation for retirement, wealth accumulation, and consumption, among persons 66 to 69 years of age. Among the five chief personality traits of neuroticism, ...
Costs and Benefits of In-Kind Transfers: The Case of Medicaid Home Care Benefits
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-10-01)
Many large government programs provide benefits in kind as opposed to in cash. Providing benefits in kind potentially distorts decisions and leads to a deadweight loss if recipients value the benefits less than a cost-equivalent ...
How Reliant are Older Americans on State and Local Government Pensions?
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2019-09)
State and local government pension plans cover about 19.5 million participants, and many participants are heavily reliant on these pensions for retirement income. Most of these plans, however, are underfunded. Based on ...
At the Corner of Main and Wall Street: Family Pension Responses to Liquidity Change and Perceived Returns
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2012-12)
The U. S. economy experienced a shift away from employment with coverage under a defined benefit (DB) pension plan during 1991-2009. Defined contribution (DC) plan coverage seems not to have risen much, if at all, for ...
The Decline in the U.S. Labor Force Participation Rate
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2018-09)
After peaking around the year 2000, the Labor Force Participation Rate (LFPR) of Americans declined substantially, falling faster after the financial crisis of 2007. Since 2015, the LFPR has remained at its lowest in four ...
Targeting with In-kind Transfers: Evidence from Medicaid Home Care
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2017-01)
Many of the most important government programs make transfers in kind as opposed to in cash. Making transfers in kind has the obvious cost that recipients would at least weakly prefer cost-equivalent cash transfers. But ...
Induced Entry into the Social Security Disability Program: Using Past SGA Changes as a Natural Experiment
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2012-08)
The number of American adults receiving benefits from the Social Security Disability Insurance (SSDI) program has increased dramatically over the past several decades. A proposed solution to rising program costs is to ...