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Stock market participation, portfolio choice and pensions over the life-cycle

Ball, Steffan G. - Federal Reserve Board (Board of Governors of the … - 2009

The empirical evidence on stock market participation and portfolio choice defies the predictions of standard life-cycle theory. In this paper we develop and estimate a model of portfolio choice that can account for the limited stock market participation and substantial portfolio diversification...

Persistent link: https://www.econbiz.de/10005513029

Are firms or workers behind the shift away from DB pension plan?

Aaronson, Stephanie; Coronado, Julia - Federal Reserve Board (Board of Governors of the … - 2005

One of the most striking changes in the composition of household retirement savings over the past 20 years has been the shift from defined benefit to defined contribution pension plans. Understanding the factors underlying this shift is important for determining its impact on retirement saving...

Persistent link: https://www.econbiz.de/10005513076

The trajectory of wealth in retirement

Love, David A.; Palumbo, Michael G.; Smith, Paul A. - Federal Reserve Board (Board of Governors of the … - 2008

As the baby boomers begin to retire, a great deal remains unknown about the evolution of wealth toward the end of life. In this paper, we develop a new measure of household resources that converts total financial, nonfinancial, and annuitized assets into an expected annual amount of wealth per...

Persistent link: https://www.econbiz.de/10005720990

Do households have enough wealth for retirement?

Love, David A.; Smith, Paul A.; McNair, Lucy C. - Federal Reserve Board (Board of Governors of the … - 2007

Dramatic structural changes in the U.S. pension system, along with the impending wave of retiring baby boomers, have given rise to a broad policy discussion of the adequacy of household retirement wealth. We construct a uniquely comprehensive measure of wealth for households aged 51 and older in...

Persistent link: https://www.econbiz.de/10005721144

A new look at the wealth adequacy of older U.S. households

Love, David A.; Smith, Paul A.; McNair, Lucy C. - Federal Reserve Board (Board of Governors of the … - 2008

We construct two measures of the current wealth adequacy of older U.S. households using the 1998--2006 waves of the Health and Retirement Study (HRS). The first is the ratio of "comprehensive wealth"--defined as net worth plus the expected value of future income streams--to the wealth that would...

Persistent link: https://www.econbiz.de/10005721233

Credit Status and College Investment: Implications for Student Loan Policies

Ionescu, Felicia; Simpson, Nicole B. - Federal Reserve Board (Board of Governors of the … - 2014

The private market for student loans has become an important source of college financing in the United States. Unlike government student loans, the terms on student loans in the private market are based on credit status. We quantify the importance of the private market for student loans and of...

Persistent link: https://www.econbiz.de/10010892304

The Decline of Drudgery and the Paradox of Hard Work

Epstein, Brendan; Kimball, Miles S. - Federal Reserve Board (Board of Governors of the … - 2014

We develop a theory that focuses on the general equilibrium and long-run macroeconomic consequences of trends in job utility. Given secular increases in job utility, work hours per capita can remain approximately constant over time even if the income effect of higher wages on labor supply...

Persistent link: https://www.econbiz.de/10010787058

What drives matching efficiency? a tale of composition and dispersion

Barnichon, Regis; Figura, Andrew - Federal Reserve Board (Board of Governors of the … - 2011

observable factors affecting matching efficiency: (i) unemployment composition and (ii) dispersion in labor market conditions … exceptionally low matching efficiency can be attributed to composition. New highly disaggregated data on vacancies and unemployment …

Persistent link: https://www.econbiz.de/10008872033

Have cyclical movements in the unemployment rate become more persistent?

Figura, Andrew - Federal Reserve Board (Board of Governors of the … - 2011

I examine whether the cyclical behavior of unemployment has changed over the post WWII period. Specifically, I test … whether cyclical movements in unemployment have become more persistent. Finding that they have, indeed, become more persistent … payroll employment as well as unemployment and that increased persistence appears to be widespread across industries. At the …

Persistent link: https://www.econbiz.de/10009221518

What drives movements in the unemployment rate? a decomposition of the Beveridge curve

Barnichon, Regis; Figura, Andrew - Federal Reserve Board (Board of Governors of the … - 2010

This paper presents a framework to interpret movements in the Beveridge curve and analyze unemployment fluctuations. We … decompose the unemployment rate into three main components: (1) a component driven by changes in labor demand--movements along … by changes in the efficiency of matching unemployed workers to jobs. We find that cyclical movements in unemployment are …

Persistent link: https://www.econbiz.de/10008676452