I provide evidence that defined contribution (DC) pensions make retirement more positively correlated with stock market returns as compared to defined benefits (DB) pensions. To identify the effect, I exploit the U.S. federal government's switch in 1984 from a DB pension system (CSRS) to a...

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and retirement-decisions, the results...

A paper presented to the International Workshop on Civil Service and Military Pension Arrangements in Selected Countries of the Asia-Pacific organized by PIE, Hitotsubashi University supported by RIPPA held at Hitotsubashi Collaboration Center, Tokyo, Japan on 20-21 January 2011