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Journal Article
Recession on the eve of retirement : Losses from the recession will cause some boomers to delay retirement, but many others will actually rush into it

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Econ Focus , Volume 15 , Issue 4Q , Pages 26-28, 38

Defined contribution plans: the role of income, age and match rates

The growth of defined contribution plans has sparked debate concerning their effectiveness as a vehicle for retirement saving. Using data from the May 1993 Employee Benefits Supplement to the Current Population Survey, this paper examines whether DC plans have expanded overall pension coverage and whether their effects on retirement saving are the same across different age and income groups. Not surprisingly, I find that contributions to and early withdrawals from DC plans are strongly affected by income and age. The paper then discusses whether employer match rates are useful tools for ...
Research Paper , Paper 9517

The recovery and monetary policy

Remarks at the National Association for Business Economics Annual Meeting, New York City.
Speech , Paper 89

Sustainable social security: four options

This paper presents four policy options to make Social Security sustainable under the coming demographic shift: 1) increase payroll taxes by 6 percentage points, 2) reduce the replacement rates of the benefit formula by one-third, 3) raise the normal retirement age from sixty-six to seventy-three, or 4) means-test the benefits and reduce them one-to-one with income. While all four policies achieve the same goal, their economic outcomes differ significantly. Options 2 and 3 encourage own savings, and capital stock is more than 10 percent higher than in the other two options. The payroll tax ...
Staff Reports , Paper 505

Journal Article
Baby-boom retirements and emerging labor market pressures

As the baby-boom generation begins to retire, employers in upstate New York will be confronted with the dual pressures of replacing these workers and filling new jobs created in growing segments of the economy. An analysis of projected hiring rates in the region suggests that although there will be demand for workers in all occupations, employers may face a particular challenge filling positions in growing services occupations with relatively high retirement rates, such as health care, community and social services, and education.
Upstate New York Regional Review , Volume 1 , Issue 1 , Pages 1-7

Working Paper
Optimal Paternalistic Savings Policies

We study optimal savings policies when there is a dual concern about undersaving for retirement and income inequality. Agents differ in present bias and earnings ability, both unobservable to a planner with paternalistic and redistributive motives. We characterize the solution to this two-dimensional screening problem and provide a decentralization using realistic policy instruments: mandatory savings at low incomes but a choice between subsidized savings vehicles at high incomes?resembling Social Security, 401(k), and IRA accounts in the US. Offering more savings choice at higher incomes ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 17

Discussion Paper
Behavior of male workers at the end of the life-cycle: an empirical analysis of states and controls

This paper estimates the expectations of older male workers in the form of a 130 million element Markov transition probability matrix specifying the joint stochastic process for workers income, health, martial and employment status, conditioned on workers decisions about labor force participation and collection of Social Security benefits. The estimated transition matrix will be used in subsequent work to estimate the unknown parameters of workers utility functions under the assumption that their behavior is governed by the solution to a dynamic programming model. The paper also discusses ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 6

Discussion Paper
New evidence on altruism: a study of TIAA-CREF retirees

Economists make extensive use of two separate descriptions of private saving behavior: the life-cycle (or overlapping generations) model, and models with intergenerational altruism. Analysis of the two frameworks is quite different, as are many of the long-run policy implications. This paper looks at evidence, at the microeconomic level, for and against altruism as a principal determinant of private wealth holdings. The database is new: this paper uses a sample of annuitants in the TIAA-CREF retirement system. We employ a combination of qualitative and quantitative information. Results are: ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 86

Discussion Paper
The effect of tax-favored retirement accounts on capital accumulation and welfare

Discussion Paper / Institute for Empirical Macroeconomics , Paper 92

Journal Article
Why 65?

Origins of the official retirement age, current trends and policies in other countries
Fedgazette , Volume 16 , Issue Mar , Pages 6-7



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