Using a unique dataset of 401(k) trades, this paper’s results suggest that in most cases only equity fund outflows, not inflows, are significantly related to their own past fund returns. Also, the strong correlation between flows and lagged returns is only significant when fund returns are...

What is the future of Social Security systems in OECD countries? In our view, the answer belongs to the realm of politics. We evaluate how political constraints shape the Social Security system in six countries – France, Germany, Italy, Spain, the UK and the US – under population aging. Two...

With the leading edge of the baby boom generation reaching retirement age, decisionmakers need a comprehensive understanding of their social, economic, and health characteristics – both in terms of resources and needs – in order to adopt effective public policies and private services to meet...

In this paper, we estimate the effect of benefits and work incentives counseling services on labor market outcomes of Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) beneficiaries participating in the vocational rehabilitation (VR) programs in the period...

Assumptions about international migration are an increasingly important component of the demographic projection module. Yet most official immigration projections both in the United States and abroad rely on ad-hoc assumptions based on little theory and virtually no definable methodology. The...

This study uses restricted microdata from the National Compensation Survey to examine the impact of auto enrollment on employee compensation. By boosting plan participation, automatic enrollment likely increases employer costs when previously unenrolled workers receive matching retirement plan...

The primary concern of Congress in enacting the Railroad Retirement and Survivor’s Improvement Act of 2001 was the risk of political influence on investment decisions. A secondary concern was the financial performance of the redesigned program. The experience to date supports the notion that...

A substantial literature has developed models of optimal consumption and asset allocation based on the assumption that stocks and bonds have fixed returns, with normal independent, identically distributed disturbances. Households optimally rebalance from stocks to bonds as they age, reflecting...

This paper uses the substantial increase in prescription drug insurance coverage from the adoption of Part D to generate new estimates the impact of coverage on drug utilization and cost-related non-adherence. The analysis uses detailed panel data on the elderly before and after the...

How does informal care provision to an elderly parent affect the labor supply outcomes of a couple? Previous work examines the relationship between caregiving and the labor market decisions of the care provider, but ignores any labor supply response of the spouse to such decisions. Using data...