The typical defined benefit pension plan provides substantial incentives to retire early, often as young as 55. In addition, in recent years many firms have offered "window" plans that provide further incentives to retire. Window plans provide special bonuses to a specific group of workers-often...

This paper investigates the possibility, raised by Perron (1989, 1990a), that aggregate economic time series can be characterized as being stationary around broken trend lines. Unlike Perron, we treat the break date as unknown a priori. Asymptotic distributions are developed for recursive,...

This paper investigates the possibility, raised by Perron (1989, 1990a), that aggregate economic time series can be characterized as being stationary around broken trend lines. Unlike Perron, we treat the break date as unknown a priori. Asymptotic distributions are developed for recursive,...