The authors examine the relationship between stock market performance and retirement behavior. They first present a descriptive analysis of the wealth holdings of older households and simulate the labor supply response among stockholders necessary to generate observed retirement patterns. Few households, they find, have substantial stock holdings, and these holdings would have to be extremely responsive to market fluctuations to explain observed labor force patterns. The authors then exploit stock market fluctuations since the early 1980s (particularly the boom and bust between 1995 and 2002), along with variation in stock exposure, to generate a double quasi-experiment, comparing the retirement and labor force re-entry patterns over time of those more and less exposed to the market. Any difference in behavior that emerged during the boom should have reversed itself during the bust. The authors find no evidence that changes in the stock market drove aggregate trends in labor supply. (Free full-text download available at http://digitalcommons.ilr.cornell.edu/ilrreview/.)
Download Info
To our knowledge, this item is not available for
download. To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Publisher Info
Article provided by ILR Review, ILR School, Cornell University in its journal ILR Review.
Volume (Year): 59 (2006) Issue (Month): 3 (April) Pages: 408-429 Download reference. The following formats are available: HTML,
plain text,
BibTeX,
RIS (EndNote),
ReDIF
For technical questions regarding this item, or to correct its listing, contact: (Brian Keeling).
Related research
Keywords:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)