Labour market transitions and retirement of men in the UK
We study transitions in and out of work for men over the age of forty in order to investigate the principal determinants of retirement age. We apply non-parametric techniques to describe the exit to retirement. We then estimate a multiple spell model of transitions in and out of work allowing for correlated heterogeneity across different types of spells. We also present an LM test of unobserved heterogeneity for multiple spell models. Finally, we assess the importance of economic variables in determinining transitions and we find that increased earnings in work delay job exit while increased social security benefits delay the return to work. In conjunction, the two effects imply that economic incentives may be important determinants of the retirement age.
|Date of creation:||01 Jan 1995|
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- Mealli, Fabrizia & Pudney, Stephen, 1996. "Occupational Pensions and Job Mobility in Britain: Estimation of a Random-Effects Competing Risks Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(3), pages 293-320, May-June.
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- Creedy, John & Disney, Richard & Whitehouse, Edward, 1993. "The Earnings-Related State Pension, Indexation and Lifetime Redistribution in the U.K," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 257-278, September.
- Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-156, January.
- Edward Whitehouse, 1990. "The abolition of the pensions 'earnings rule'," Fiscal Studies, Institute for Fiscal Studies, vol. 11(3), pages 55-70, August. Full references (including those not matched with items on IDEAS)
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