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The Effect of Labor Market Rigidities on the Labor Force Behavior of Older Workers

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Author Info
Michael D. Hurd

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Abstract

Most older workers retire completely from full-time work with no intervening spell of part-time work. This is incompatible with a model of retirement in which tastes for work gradually shift with age toward leisure and hours may be freely chosen. A survey of institutional arrangements such as pensions and Social Security and of normal business practices resulting from fixed costs of employment and team production leads to the conclusion that most workers face rather limited choices consisting of a high-paying year-round job and low-paying part-time work. Therefore, someone approaching retirement who wants to retire gradually from a career type job will have to change jobs, losing job-related skills, and to compete for low-paying, easy entry jobs. Faced with that option most retire completely.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4462.

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Date of creation: Sep 1993
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Publication status: published as Michael D. Hurd. "The Effect of Labor Market Rigidities on the Labor Force Rigidities on the Labor Force," in David A. Wise, editor, "Advances in the Economics of Aging" University of Chicago Press (1996)
Handle: RePEc:nbr:nberwo:4462

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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

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  1. Gustman, Alan L. & Steinmeier, Thomas L., 1993. "Pension portability and labor mobility : Evidence from the survey of income and program participation," Journal of Public Economics, Elsevier, vol. 50(3), pages 299-323, March. [Downloadable!] (restricted)
  2. Michael D. Hurd, 1990. "The Joint Retirement Decision of Husbands and Wives," NBER Chapters, in: Issues in the Economics of Aging, pages 231-258 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  3. Robert Hutchens, 1988. "Do job opportunities decline with age?," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 42(1), pages 89-99, October.
  4. Berkovec, James & Stern, Steven, 1991. "Job Exit Behavior of Older Men," Econometrica, Econometric Society, vol. 59(1), pages 189-210, January. [Downloadable!] (restricted)
  5. Laurence J. Kotlikoff & David A. Wise, 1989. "Employee Retirement and a Firm's Pension Plan," NBER Working Papers 2323, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Alan L. Gustman & Thomas L. Steinmeier, 1986. "A Structural Retirement Model," NBER Working Papers 1237, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Crawford, Vincent P & Lilien, David M, 1981. "Social Security and the Retirement Decision," The Quarterly Journal of Economics, MIT Press, vol. 96(3), pages 505-29, August. [Downloadable!] (restricted)
  8. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial Retirement and the Analysis of Retirement Behavior," NBER Working Papers 0763, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Gary S. Fields & Olivia S. Mitchell, 1984. "Retirement, Pensions, and Social Security," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262060914.
  10. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May. [Downloadable!] (restricted)
  11. Madrian, Brigitte C, 1994. "Employment-Based Health Insurance and Job Mobility: Is There Evidence of Job-Lock?," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 27-54, February. [Downloadable!] (restricted)
    Other versions:
  12. John P. Rust, 1989. "A Dynamic Programming Model of Retirement Behavior," NBER Chapters, in: The Economics of Aging, pages 359-404 National Bureau of Economic Research, Inc. [Downloadable!]
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  13. Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-56, January. [Downloadable!] (restricted)
  14. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1992. "Pension Plan Provisions and Retirement: Men & Women, Medicare, and Models," NBER Working Papers 4201, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  15. 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!]
    Other versions:
  16. Burtless, Gary & Moffitt, Robert A, 1985. "The Joint Choice of Retirement Age and Postretirement Hours of Work," Journal of Labor Economics, University of Chicago Press, vol. 3(2), pages 209-36, April. [Downloadable!] (restricted)
  17. Olivia S. Mitchell, 1983. "Fringe benefits and the cost of changing jobs," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 37(1), pages 70-78, October.
  18. Alan S. Blinder & Roger H. Gordon & Donald E. Wise, 1981. "Social Security, Bequests, and the Life Cycle Theory of Saving: Cross-Sectional Tests," NBER Working Papers 0619, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  19. Cogan, John F, 1981. "Fixed Costs and Labor Supply," Econometrica, Econometric Society, vol. 49(4), pages 945-63, June. [Downloadable!] (restricted)
  20. Laurence J. Kotlikoff & David A. Wise, 1987. "The Incentive Effects of Private Pension Plans," NBER Chapters, in: Issues in Pension Economics, pages 283-340 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  21. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial retirement and the analysis of retirement behavior," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 37(3), pages 403-415, April.
  22. Wilson, Paul W., 1988. "Wage variation resulting from staggered work hours," Journal of Urban Economics, Elsevier, vol. 24(1), pages 9-26, July. [Downloadable!] (restricted)
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