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Retirement incentives, individual heterogeneity and labor transitions of employed and unemployed workers

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  • García-Pérez, J. Ignacio
  • Jiménez-Martín, Sergi
  • Sánchez-Martín, Alfonso R.

Abstract

In this paper, we analyze the sensitivity of the labor market decisions of workers close to retirement with respect to the incentives created by public regulations. We improve upon the extensive prior literature on the effect of pension incentives on retirement by jointly modeling the transitions between employment, unemployment and retirement, paying special attention to the transition from unemployment to retirement (which is particularly important in Spain and other European countries, and whose relevance is increasing as a result of the recent economic crisis).

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Bibliographic Info

Article provided by Elsevier in its journal Labour Economics.

Volume (Year): 20 (2013)
Issue (Month): C ()
Pages: 106-120

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Handle: RePEc:eee:labeco:v:20:y:2013:i:c:p:106-120

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Web page: http://www.elsevier.com/locate/labeco

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Keywords: Retirement; Unemployment; Incentives; Pension system; Unobserved heterogeneity; Spain;

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  1. Sergi Jiménez-Martín & Alfonso R. Sánchez, 2003. "An evaluation of the life-cycle effects of minimum pensions on retirement behavior," Economics Working Papers 715, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2006.
  2. Eric French, 2000. "The effects of health, wealth, and wages on labor supply and retirement behavior," Working Paper Series WP-00-2, Federal Reserve Bank of Chicago.
  3. Aguirregabiria, Victor & Mira, Pedro, 2010. "Dynamic discrete choice structural models: A survey," Journal of Econometrics, Elsevier, vol. 156(1), pages 38-67, May.
  4. Coile Courtney C & Levine Phillip B, 2011. "The Market Crash and Mass Layoffs: How the Current Economic Crisis May Affect Retirement," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-42, April.
  5. John Rust & Christopher Phelan, 1994. "How Social Security and Medicare Affect Retirement Behavior in a World of Incomplete Markets," Public Economics 9406005, EconWPA, revised 06 Jul 1994.
  6. Michele Boldrin & Sergi Jimenez-Martni & Franco Peracchi, 1997. "Social Security and Retirement in Spain," NBER Working Papers 6136, National Bureau of Economic Research, Inc.
  7. Bover, O. & Arellano, M. & Bentolila, S., 1997. "Unemployment Duration, Benefit Duration, and the Business Cycle," Papers 9717, Centro de Estudios Monetarios Y Financieros-.
  8. Michele Belloni & Rob Alessie, 2008. "Retirement Choices: New Evidence for Italy," CeRP Working Papers 73, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  9. José Ignacio García & Alfonso R. Sánchez Martín, 2008. "Social security and the search behaviour of workers approaching retirement," Economic Working Papers at Centro de Estudios Andaluces E2008/10, Centro de Estudios Andaluces.
  10. Jose Ignacio Garcia Perez, 1997. "Las tasas de salida del empleo y del desempleo en España (1978-1993)," Investigaciones Economicas, Fundación SEPI, vol. 21(1), pages 29-53, January.
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Cited by:
  1. Pilar García-Gómez & Sergi Jiménez-Martín & JudiVall Castelló, 2013. "Financial incentives, health and retirement in Spain," Working Papers 2013-12, FEDEA.
  2. J. Ignacio García Pérez & Alfonso R. Sánchez Mártin, 2012. "Fostering job search among older workers: the case for pension reform," Working Papers 12.09, Universidad Pablo de Olavide, Department of Economics.

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