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Over the last thirty years pathways to retirement have changed substantially in the UK. They have been dominated by …. At the end of the period the direct route from work to retirement was increasingly more common. General economic …
Persistent link: https://www.econbiz.de/10013125168
We describe the history of state pension policy in the UK since 1948 and calculate summary measures of the generosity of the system over time and the degree to which the it created implicit taxes on, or subsidies to, work at older ages. The time series of these measures, calculated separately...
Persistent link: https://www.econbiz.de/10012907763
Choices regarding the disposition of wealth at retirement can have substantial implications for retirement income … find that these groups of retirees report very different levels of well-being in retirement …
Persistent link: https://www.econbiz.de/10012909863
other retirement income schemes. Using an option value approach, we find that individuals' labor force participation is …
Persistent link: https://www.econbiz.de/10013058259
This paper estimates the effects on steady state retirement by men of changes in pension" plans and social security in … from the 1969-79 Retirement History" Study and the 1983 and 1989 Surveys of Consumer Finances. Simulations with a … structural" retirement model suggest that the long run effects of changes in pension plans and social security" account for about …
Persistent link: https://www.econbiz.de/10013221842
the fact that the state retirement pension does not become available to men until age 65, half of men aged 60-64 were … economically inactive in the mid 1990s. The main element of the state retirement pension is flat rate, and for most people is … earned as a result of extra contribu- tions. Overall the state retirement pension system offers no incentives for people to …
Persistent link: https://www.econbiz.de/10013231420
This paper estimates how much additional work capacity there might be among men and women aged between 55 and 74 in the United Kingdom, given their health, and how this has evolved over the last decade. The objective is not to suggest how much older people should work but rather to shed light on...
Persistent link: https://www.econbiz.de/10012998958
We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks, and show that it has significant explanatory power for the evolution of macroeconomic volatility. We define "fundamental" volatility as the volatility that would arise from an...
Persistent link: https://www.econbiz.de/10013137610
The response of aggregate labor supply to various changes in the economic environment is central to many economic issues, especially the optimal design of tax policies. This paper surveys recent work that uses structural models and micro data to evaluate the size of this response. Whereas the...
Persistent link: https://www.econbiz.de/10013120287
We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data, and...
Persistent link: https://www.econbiz.de/10013104517