This paper studies income inequality in old age and its development over the life cycle. We develop a theoretical framework and a new empirical method to show that income is more unequally distributed in old age than in working age. We combine the regression-based inequality decomposition method...

Family structures have changed profoundly in most developed countries in recent decades. Declining fertility and marriage rates and increasing divorce rates, together with longer life expectancies, make financial planning more challenging. Our study analyzes the impact of family structure on...

We propose a new model in a Bayesian hierarchical framework to project mortality at both national and subnational levels based on sparse or missing data. The new model, which has a country-region-province structure, uses common factors to pool information at the national level and within regions...

Motivated by a recent demographic study establishing a link between macroeconomic fluctuations and the mortality index kt in the Lee-Carter model, we develop a dynamic asset-liability model to assess the impact of macroeconomic fluctuations on the solvency of a life insurance company....

We develop and calibrate a life-cycle model of labor supply and consumption to quantify the implications of alternative pension reforms on labor supply, individual welfare, and government budget for China's basic old-age insurance program. We focus on urban males and distinguish low-skilled and...