Bhattacharya, Joydeep; Mulligan, Casey; Reed, Robert R. - Iowa State University of Science and Technology <Ames, … - 2001
retirement and hence creating job vacancies for the young, improve the allocation of workers to jobs in the labor market? Using a … standard model of labor market search, we establish that the equilibrium with no policy-induced retirement can be efficient … more than labor market search theory implies that their jobs are worth. An important effect, ignored by the popular view …