caused by worsening health in old age. Our model explains the long-run decline in the age of retirement as an income level … effect. We show that improvements in health and longevity tend to increase the desired retirement age, though less than …

experience and health. Our main result is that good health has a positive, sizable, and statistically significant effect on …

leaders. We find strong evidence of technological diffusion but not full convergence; differences in total factor productivity …