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Do pensions increase the labor supply of older men?

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  • Ruhm, Christopher J.

Abstract

This paper investigates the relationship between pension coverage and the retirement behavior of older men. Pensions are associated with higher work involvement for males in their late fifties and early sixties but with lower rates of job holding for those aged 65 through 69. Age of entry into pension employment is shown to be positively correlated with future labor supply. When combined with evidence on age-specific changes in labor force participation rates, this pattern casts doubt on the hypothesis that broadened pension coverage explains a substantial portion of the trend toward earlier male retirement.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Public Economics.

Volume (Year): 59 (1996)
Issue (Month): 2 (February)
Pages: 157-175

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Handle: RePEc:eee:pubeco:v:59:y:1996:i:2:p:157-175

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Web page: http://www.elsevier.com/locate/inca/505578

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References

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  1. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial retirement and the analysis of retirement behavior," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 37(3), pages 403-415, April.
  2. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1996. "Retirement Incentives: The Interaction between Employer-Provided Pensions, Social Security, and Retiree Health Benefits," NBER Chapters, in: The Economic Effects of Aging in the United States and Japan, pages 261-293 National Bureau of Economic Research, Inc.
  3. Joseph F. Quinn & Richard V. Burkhauser & Daniel A. Myers, 1990. "Passing the Torch: The Influence of Economic Incentives on Work and Retirement," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number pt.
  4. James H. Stock & David A. Wise, 1988. "Pensions, The Option Value of Work, and Retirement," NBER Working Papers 2686, National Bureau of Economic Research, Inc.
  5. Marjorie Honig & Cordelia Reimers, 1987. "Retirement, Re-entry, and Part-time Work," Eastern Economic Journal, Eastern Economic Association, vol. 13(4), pages 361-371, Oct-Dec.
  6. Akerlof, George A & Katz, Lawrence F, 1989. "Workers' Trust Funds and the Logic of Wage Profiles," The Quarterly Journal of Economics, MIT Press, vol. 104(3), pages 525-36, August.
  7. Alan Gustman & Thomas Steinmeier, 1990. "Pension Portability and Labor Mobility: Evidence From the Survey of Income and Program Participation," NBER Working Papers 3525, National Bureau of Economic Research, Inc.
  8. Gordon, Roger H. & Blinder, Alan S., 1980. "Market wages, reservation wages, and retirement decisions," Journal of Public Economics, Elsevier, vol. 14(2), pages 277-308, October.
  9. Olivia S. Mitchell & Gary S. Fields, 1983. "The Economics of Retirement Behavior," NBER Working Papers 1128, National Bureau of Economic Research, Inc.
  10. Christopher J. Ruhm, 1995. "Secular Changes in the Work and Retirement Patterns of Older Men," Journal of Human Resources, University of Wisconsin Press, vol. 30(2), pages 362-385.
  11. Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-56, January.
  12. Rebecca A. Luzadis & Olivia S. Mitchell, 1989. "Explaining Pension Dynamics," NBER Working Papers 3084, National Bureau of Economic Research, Inc.
  13. Richard A. Ippolito, 1990. "Toward explaining earlier retirement after 1970," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 43(5), pages 556-569, July.
  14. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1993. "Pensions, Bonding, and Lifetime Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 28(3), pages 463-481.
  15. Hanoch, Giora & Honig, Marjorie, 1983. "Retirement, Wages, and Labor Supply of the Elderly," Journal of Labor Economics, University of Chicago Press, vol. 1(2), pages 131-51, April.
  16. Peracchi, Franco & Welch, Finis, 1994. "Trends in Labor Force Transitions of Older Men and Women," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 210-42, April.
  17. David T. Ellwood, 1985. "Pensions and the Labor Market: A Starting Point (The Mouse Can Roar)," NBER Chapters, in: Pensions, Labor, and Individual Choice, pages 19-54 National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Laura Hospido & Gema Zamarro, 2013. "Retirement patterns of couples in Europe," Banco de Espa�a Working Papers 1317, Banco de Espa�a.
  2. David Black & Yi-Ping Tseng & Roger Wilkins, 2009. "Examining the Role of Demographic Change in the Decline in Male Employment in Australia: A Propensity Score Re-weighting Decomposition Approach," Melbourne Institute Working Paper Series wp2009n24, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  3. Joseph F. Quinn & Michael Kozy, 1995. "The Roles of Part-time Work and Self-employment in the Retirement Transition: A Preliminary View from the HRS," Boston College Working Papers in Economics 292., Boston College Department of Economics.
  4. Sewin Chan & Ann Huff Stevens, 1999. "Job Loss and Retirement Behavior of Older Men," Departmental Working Papers 199823, Rutgers University, Department of Economics.
  5. Wang Dewen, 2010. "Can Social Security Boost Domestic Consumption in the People’s Republic of China?," Microeconomics Working Papers 21881, East Asian Bureau of Economic Research.
  6. Momota, Akira, 2003. "A retirement decision in the presence of a social security system," Journal of Macroeconomics, Elsevier, vol. 25(1), pages 73-86, March.
  7. Wang Dewen, 2010. "Can Social Security Boost Domestic Consumption in the People’s Republic of China?," Working Papers id:2490, eSocialSciences.
  8. Disney, Richard & Whitehouse, Edward, 1999. "Pension plans and retirement incentives," MPRA Paper 14755, University Library of Munich, Germany.

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