and finite retirement time in which an agent receives labor income that adjusts to financial market shocks in a path … dependent way. The novelty here, with respect to, is the fact that we have a finite retirement time, which makes the model more … realistic, but harder to solve. The presence of both path-dependency, as in, and finite retirement, leads to a two …

This paper analyzes the effect of a potential reform to the Social Security system on individuals' retirement and … orderings and endogenous retirement. Our framework allows the possibility of disability. The specification predicts a change in … consumption at retirement; we use the empirical magnitude of the change, together with desired retirement age, to identify key …