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The Role of Pensions in the Labor Market

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Author Info
Alan L. Gustman
Olivia S. Mitchell
Thomas L. Steinmeier

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Abstract

Employer-sponsored group pension plans offer an unusual window into long-term employment relationships. This is because the pension promise is documented in a set of explicit statements regarding future payment and employment agreements between workers and their employers. In this paper, we show that recent research on pensions in the labor market offers considerable insight into long-term labor market arrangements. Most importantly. we explore how pensions influence employee compensation. retirement, turnover, and other matters central to the determination of labors' price and quantity over time. A number of unanswered questions. and difficult-to-reconcile empirical findings, are also outlined.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4295.

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Date of creation: Mar 1993
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Handle: RePEc:nbr:nberwo:4295

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Find related papers by JEL classification:
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

References listed on IDEAS
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    Other versions:
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  7. Berkovec, James & Stern, Steven, 1991. "Job Exit Behavior of Older Men," Econometrica, Econometric Society, vol. 59(1), pages 189-210, January. [Downloadable!] (restricted)
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  19. Jeremy I. Bulow, 1981. "Early Retirement Pension Benefits," NBER Working Papers 0654, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    Other versions:
  26. John Rust, 1989. "Behavior of male workers at the end of the life-cycle: an empirical analysis of states and controls," Discussion Paper / Institute for Empirical Macroeconomics 6, Federal Reserve Bank of Minneapolis. [Downloadable!]
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    Other versions:
  31. Olivia S. Mitchell & Emily S. Andrews, 1981. "Scale economies in private multi-employer pension systems," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 34(4), pages 522-530, July.
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  33. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1990. "Efficient Windows and Labor Force Reduction," NBER Working Papers 3369, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  34. Lawrence H. Summers, 1983. "Observations on the Indexation of Old Age Pensions," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 231-258 National Bureau of Economic Research, Inc. [Downloadable!]
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  35. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December. [Downloadable!] (restricted)
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    Other versions:
Full references

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.)

  1. Drolet, Marie & Morissette, René, 1999. "L'évolution de la protection offerte par les pensions aux travailleurs jeunes et plus âgés au Canada," Direction des études analytiques : documents de recherche 1999138f, Statistics Canada, Direction des études analytiques. [Downloadable!]
  2. Olivia S. Mitchell, 2000. "New Trends in Pension Benefit and Retirement Provisions," Center for Financial Institutions Working Papers 00-06, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  3. Charles Brown, 2002. "Early Retirement Windows," Working Papers wp028, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
    Other versions:
  4. Olivia S. Mitchell, . "International Models for Pension Reform," Pension Research Council Working Papers 98-5, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  5. Randall K. Filer & Marjorie Honig, 2005. "Endogenous Pensions and Retirement Behavior," Hunter College Department of Economics Working Papers 410, Hunter College: Department of Economics. [Downloadable!]
    Other versions:
  6. repec:ese:iserwp: is not listed on IDEAS
  7. Olivia S. Mitchell & John W.R. Phillips, 2000. "Retirement Responses to Early Social Security Benefit Reductions," NBER Working Papers 7963, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Sundaram, Rangarajan K. & Yermack, David, 2006. "Pay Me Later: Inside Debt and Its Role in Managerial Compensation," SIFR Research Report Series 43, Institute for Financial Research. [Downloadable!]
  9. Tuuli Juurikkala & Olga Lazareva, 2006. "Non-wage benefits, costs of turnover, and labor attachment: evidence from Russian firms," Working Papers w0062, Center for Economic and Financial Research (CEFIR). [Downloadable!]
    Other versions:
  10. Douglas Fore, . "Going Private in the Public Sector: The Transition From Defined Benefit to Defined Contribution Pension Plans," Pension Research Council Working Papers 99-14, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  11. Olivia S. Mitchell, . "Developments in Pensions," Pension Research Council Working Papers 98-4, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  12. Enrica Detragiache, 2003. "Company Pension Plans, Stock Market Returns, and Labor Demand," IMF Working Papers 03/222, International Monetary Fund. [Downloadable!]
  13. Alan L. Gustman & Olivia S. Mitchell & Thomas L. Steinmeier, 1994. "Retirement Research Using the Health and Retirement Survey," NBER Working Papers 4813, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Robert L. Clark & Joseph F. Quinn, 1999. "Effects of Pensions on Labor Markets and Retirement," Boston College Working Papers in Economics 431, Boston College Department of Economics. [Downloadable!]
  15. David McCarthy, 2003. "A Lifecycle Analysis of Defined Benefit Pension Plans," Working Papers wp053, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  16. Olivia S. Mitchell & John W.R. Phillips, 2001. "Eligibility for Social Security Disability Insurance," Working Papers wp011, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  17. Drolet, Marie & Morissette, René, 1999. "The Evolution of Pension Coverage of Young and Prime-aged Workers in Canada," Analytical Studies Branch Research Paper Series 1999138e, Statistics Canada, Analytical Studies Branch. [Downloadable!]
  18. Teresa Ghilarducci & Michael Reich, 1998. "Training and Pensions: Substitutes or Complements?," Institute for Research on Labor and Employment, Working Paper Series 1002, Institute of Industrial Relations, UC Berkeley. [Downloadable!]
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