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Labor Market Status and Transitions during the Pre-Retirement Years: Learning from International Differences

In: Research Findings in the Economics of Aging

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  • Arie Kapteyn
  • James P. Smith
  • Arthur van Soest
  • James Banks

Abstract

Many western industrialized countries face strong budgetary pressures due to the aging of the baby boom generations and the general trends toward earlier ages of retirement. We use the American PSID and the European Community Household Panel (ECHP) to explain differences in prevalence and dynamics of self-reported work disability and labor force status. To that end we specify a two-equation dynamic panel data model describing the dynamics of labor force status and self-reported work disability. When we apply the U.S. parameters to the equations for the thirteen European countries we consider, the result is generally that work disability is lower and employment is higher. Furthermore, measures of employment protection across the different countries suggest that increased employment protection reduces reentry into the labor force and hence is a major factor explaining employment differences in the pre-retirement years.

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This chapter was published in:

  • David A. Wise, 2010. "Research Findings in the Economics of Aging," NBER Books, National Bureau of Economic Research, Inc, number wise08-1, July.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 8192.

    Handle: RePEc:nbr:nberch:8192

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    References

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    1. James Banks & Arie Kapteyn & James P. Smith & Arthur van Soest, 2009. "Work Disability is a Pain in the ****, Especially in England, the Netherlands, and the United States," NBER Chapters, in: Health at Older Ages: The Causes and Consequences of Declining Disability among the Elderly, pages 251-293 National Bureau of Economic Research, Inc.
    2. Franco Peracchi, 2002. "The European Community Household Panel: A review," Empirical Economics, Springer, vol. 27(1), pages 63-90.
    3. David H. Autor & Mark G. Duggan, 2003. "The Rise In The Disability Rolls And The Decline In Unemployment," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 157-205, February.
    4. Bound, John & Burkhauser, Richard V., 1999. "Economic analysis of transfer programs targeted on people with disabilities," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 51, pages 3417-3528 Elsevier.
    5. David C. Stapleton & Richard V. Burkhauser (ed.), 2003. "The Decline in Employment of People with Disabilities: A Policy Puzzle," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number depd, December.
    6. Banks, James & Kapteyn, Arie & Smith, James P. & van Soest, Arthur, 2004. "International Comparisons of Work Disability," IZA Discussion Papers 1118, Institute for the Study of Labor (IZA).
    7. David M. Cutler & David A. Wise, 2009. "Health at Older Ages: The Causes and Consequences of Declining Disability among the Elderly," NBER Books, National Bureau of Economic Research, Inc, number cutl08-1, July.
    8. Dean R. Hyslop, 1999. "State Dependence, Serial Correlation and Heterogeneity in Intertemporal Labor Force Participation of Married Women," Econometrica, Econometric Society, vol. 67(6), pages 1255-1294, November.
    9. Vella, F. & Verbeek, M.J.C.M., 1999. "Two-step estimation of panel data models with censored endogenous variables and selection bias," Open Access publications from Tilburg University urn:nbn:nl:ui:12-80344, Tilburg University.
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    Cited by:
    1. Arie Kapteyn & James P. Smith & Arthur van Soest, 2009. "Work Disability, Work, and Justification Bias in Europe and the U.S," Working Papers wp207, University of Michigan, Michigan Retirement Research Center.
    2. Arie Kapteyn, 2010. "What can we learn from (and about) global aging?," Demography, Springer, vol. 47(1), pages S191-S209, March.

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