-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tighening of …

I investigate the effect of income on mortality of the pensioners, com- paring three subsequent policy periods in …- come on health. I estimate that lower pension did not change the mortality rate. The results are confirmed using both …

We examine the role of declining mortality in explaining the rise of retirement over the course of the 20th century. We … of death. In an environment in which mortality is high, an individual who saved up for retirement would face a high risk …. As mortality falls, however, it becomes optimal to plan, and save for, retirement. We simulate our model using actual …