Economic Consequences of the Great Recession: Evidence from the Panel Study of Income Dynamics
AbstractThe paper uses micro-survey data from successive waves of the Panel Study on Income Dynamics to investigate the distribution of wealth and job losses during the 2007-09 recession for difference segments of the population and the effect of the recession on the retirement decisions of older workers. Estimates of wealth losses are constructed for major socioeconomic group and compared with those of the Survey of Consumer Finances. The panel dimension of the data is used to measure change in the labor force status of workers and to estimate the determinants of the decision to transition from participation in the labor force to retirement. the study concludes that retirement decisions are influenced both by variations in labor market conditions and by the value of household wealth but that labor market exerts a larger impact.
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Bibliographic InfoPaper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2012-4.
Length: 27 pages
Date of creation: Feb 2012
Date of revision: Feb 2012
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This paper has been announced in the following NEP Reports:
- NEP-AGE-2012-10-20 (Economics of Ageing)
- NEP-ALL-2012-10-20 (All new papers)
- NEP-LAB-2012-10-20 (Labour Economics)
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- Yuriy Gorodnichenko & Jae Song & Dmitriy Stolyarov, 2013.
"Macroeconomic Determinants of Retirement Timing,"
NBER Working Papers
19638, National Bureau of Economic Research, Inc.
- Yuriy Gorodnichenko & Jae Song & Dmitriy Stolyarov, 2013. "Macroeconomic Determinants of Retirement Timing," Working Papers wp281, University of Michigan, Michigan Retirement Research Center.
- Gorodnichenko, Yuriy & Song, Jae & Stolyarov, Dmitriy, 2013. "Macroeconomic Determinants of Retirement Timing," IZA Discussion Papers 7744, Institute for the Study of Labor (IZA).
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