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Economic Consequences of the Great Recession: Evidence from the Panel Study of Income Dynamics

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  • Barry Bosworth

Abstract

The 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.

Suggested Citation

  • Barry Bosworth, 2012. "Economic Consequences of the Great Recession: Evidence from the Panel Study of Income Dynamics," Working Papers, Center for Retirement Research at Boston College wp2012-4, Center for Retirement Research, revised Feb 2012.
  • Handle: RePEc:crr:crrwps:wp2012-4
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    File URL: http://crr.bc.edu/working-papers/economic-consequences-of-the-great-recession-evidence-from-the-panel-study-of-income-dynamics/
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    References listed on IDEAS

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    Cited by:

    1. Yuriy Gorodnichenko & Jae Song & Dmitriy Stolyarov, 2013. "Macroeconomic Determinants of Retirement Timing," Working Papers wp281, University of Michigan, Michigan Retirement Research Center.
    2. Aboohamidi, Abbas & Chidmi, Benaissa, 2015. "Changes in the Wealth of American Households during the 2007-2009 Financial Crisis in the U.S," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205451, Agricultural and Applied Economics Association;Western Agricultural Economics Association.
    3. Yuriy Gorodnichenko & Jae Song & Dmitriy Stolyarov, 2013. "Macroeconomic Determinants of Retirement Timing," NBER Working Papers 19638, National Bureau of Economic Research, Inc.
    4. Catalina Amuedo-Dorantes & Susan Pozo, 2015. "The impact of the recession on the wealth of older immigrant and native households in the United States," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), pages 1-27.
    5. Yilmazer, Tansel & Babiarz, Patryk & Liu, Fen, 2015. "The impact of diminished housing wealth on health in the United States: Evidence from the Great Recession," Social Science & Medicine, Elsevier, pages 234-241.

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