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Behavioral Effects of Social Security Reform in a Dynamic Micro-Simulation with Life-Cycle Agents: Working Paper 2005-06

  • Amy Rehder Harris
  • John Sabelhaus
  • Almudena Sevilla-Sanz

The Congressional Budget Office Long-Term (CBOLT) model uses dynamic micro-simulation to analyze Social Security policy. The version of CBOLT currently being used to analyze policy for the Congress incorporates micro behavioral effects insofar as agents alter their timing of initial claiming of Old Age Insurance (OAI) worker benefits when benefits change, and that has a direct impact on government outlays and a feedback on the macro economy through changes in labor supply. However, the change in benefit claim age is only one of three behavioral responses that could be considered in Social

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Paper provided by Congressional Budget Office in its series Working Papers with number 16494.

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Date of creation: 02 May 2005
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Handle: RePEc:cbo:wpaper:16494
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  1. Zeldes, Stephen P, 1989. "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 275-98, May.
  2. Gustman, Alan L. & Steinmeier, Thomas L., 2005. "Retirement Effects of Proposals by the President's Commission to Strengthen Social Security," National Tax Journal, National Tax Association, vol. 58(1), pages 27-49, March.
  3. Christopher D. Carroll, 1996. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," NBER Working Papers 5788, National Bureau of Economic Research, Inc.
  4. Gustman, Alan L. & Steinmeier, Thomas L., 2005. "The social security early entitlement age in a structural model of retirement and wealth," Journal of Public Economics, Elsevier, vol. 89(2-3), pages 441-463, February.
  5. Barry P. Bosworth & Gary Burtless, 2004. "Supply-Side Consequences of Social Security Reform: Impacts on Saving and Employment," Working Papers, Center for Retirement Research at Boston College wp2004-1, Center for Retirement Research, revised Jan 2004.
  6. Glenn R. Hubbard & Jonathan Skinner & Stephen P. Zeldes, . "Precautionary Saving and Social Insurance," Rodney L. White Center for Financial Research Working Papers 03-95, Wharton School Rodney L. White Center for Financial Research.
  7. Deaton, A., 1989. "Saving And Liquidity Constraints," Papers 153, Princeton, Woodrow Wilson School - Public and International Affairs.
  8. Huggett, Mark, 1996. "Wealth distribution in life-cycle economies," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 469-494, December.
  9. Alan L. Gustman & Thomas L. Steinmeier, 2004. "The social Security Retirement Earnings Test, Retirement and Benefit Claiming," NBER Working Papers 10905, National Bureau of Economic Research, Inc.
  10. John Rust & Christopher Phelan, 1997. "How Social Security and Medicare Affect Retirement Behavior in a World of Incomplete Markets," Econometrica, Econometric Society, vol. 65(4), pages 781-832, July.
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