Now showing items 1-10 of 25
Expectations and Household Spending
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-10-30)
We estimate the effect of expectations about unemployment on household spending using high-frequency panel data from the RAND American Life Panel. The data were collected during the Great Recession and its aftermath, a ...
Mismeasurement of Pensions Before and After Retirement: The Mystery of the Disappearing Pensions with Implications for the Importance of Social Security as a Source of Retirement Support
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-05)
A review of the literature suggests that when pension values are measured by the wealth equivalent of promised DB pension benefits and DC balances for those approaching retirement, pensions account for more support in ...
Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-06)
We evaluate lifecycle consumption and portfolio allocation patterns resulting from access to Guaranteed Minimum Withdrawal Benefit (GMWB) variable annuities, one of the most rapidly-growing financial innovations over the ...
What Do Data on Millions of U.S. Workers Say About Life Cycle Income Risk?
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-10-30)
This paper sheds new light on individual labor income risk using a unique and confidential dataset from the Social Security Administration on individuals' earnings histories. The substantial sample size allows us to cut ...
Social Security Benefit Claiming and Medicare Utilization
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-10-30)
Employment Trends by Age in the United States: Why Are Older Workers Different?
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-06)
Employment trends in the US were similar across age groups in the 1960s, 1970s, and 1980s: male employment rates declined or were flat at all ages and female employment rates increased or were flat at all ages. But employment ...
Estimates of the Potential Insurance Value of Disability Insurance for Individuals with Mental Health Impairments
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-08)
Since the mid-1980s there has been dramatic growth in the number and fraction of DI and SSI beneficiaries with mental illness. With longer life expectancies and younger ages of disability onset than beneficiaries with ...
Did Age Discrimination Protections Help Older Workers Weather the Great Recession?
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-11-01)
We examine whether stronger age discrimination laws at the state level moderated the impact of the Great Recession on older workers. We use a difference-in-difference-in-differences strategy to compare older workers in ...
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 ...
Uncovering the Relationship between Real Interest Rates and Economic Growth
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2013-12-18)
We analyze long-span data on real interest rates and productivity growth with the focus on estimating their long-run correlation. The evidence points to a moderately negative correlation, meaning that real interest rates ...