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.
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| Date of creation: | 01 Jan 1995 |
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| Handle: | RePEc:ifs:ifsewp:95/10 |
| Contact details of provider: | Postal: The Institute for Fiscal Studies 7 Ridgmount Street LONDON WC1E 7AE Phone: (+44) 020 7291 4800 Fax: (+44) 020 7323 4780 Web page: http://www.ifs.org.uk Email: More information through EDIRC
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- Adrian Pagan, 1986. "Two Stage and Related Estimators and Their Applications," Review of Economic Studies, Oxford University Press, vol. 53(4), pages 517-538.
- Gourieroux, Christian & Holly, Alberto & Monfort, Alain, 1982. "Likelihood Ratio Test, Wald Test, and Kuhn-Tucker Test in Linear Models with Inequality Constraints on the Regression Parameters," Econometrica, Econometric Society, vol. 50(1), pages 63-80, January.
- 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 257-78, September.
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