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The Effects of the Financial Crisis on the Well-Being of Older Americans: Evidence from the Cognitive Economics Study

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  • Matthew D. Shapiro

    (University of Michigan and NBER)

Abstract

This paper uses the Cognitive Economics Study (CogEcon) to assess the effect of the financial crisis on the well-being of older Americans. Financial wealth fell by about 15 percent for the median household. These financial losses were concentrated among households with high levels of wealth and high cognitive capacities, who tend to have higher exposure to the stock market. Nonetheless, households with little financial wealth suffered declines in well-being-measured by declines in consumption-as large on average as households with substantial exposure to the stock market. Tight credit market conditions and adverse labor market outcomes account for much of the effect of the financial crisis on the consumption of these low-wealth households.

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File URL: http://www.mrrc.isr.umich.edu/publications/Papers/pdf/wp228.pdf
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Bibliographic Info

Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp228.

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Length: 34 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:mrr:papers:wp228

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  1. Purvi Sevak, 2002. "Wealth Shocks and Retirement Timing: Evidence from the Nineties," Working Papers wp027, University of Michigan, Michigan Retirement Research Center.
  2. Palumbo, Michael & Rudd, Jeremy & Whelan, Karl, 2002. "On the Relationships Between Real Consumption, Income, and Wealth," Research Technical Papers 4/RT/02, Central Bank of Ireland.
  3. Miles S. Kimball & Claudia R. Sahm & Matthew D. Shapiro, 2007. "Imputing Risk Tolerance from Survey Responses," NBER Working Papers 13337, National Bureau of Economic Research, Inc.
  4. Gopi Shah Goda & John B. Shoven & Sita Nataraj Slavov, 2010. "Does Stock Market Performance Influence Retirement Intentions?," NBER Working Papers 16211, National Bureau of Economic Research, Inc.
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Cited by:
  1. Eric French & Taylor Kelley & An Qi, 2013. "Expected income growth and the Great Recession," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 14-29.
  2. repec:fip:fedhep:y:2013:i:qi:p:14-29:n:vol.37no.1 is not listed on IDEAS

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