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The Effects of the Economic Crisis on the Older Population


  • Michael D. Hurd


  • Susann Rohwedder

    (RAND and NETSPAR)


We study the effects of the 2007-2009 recession on the population age 55 and older. Households in and near retirement have suffered sizeable losses in assets as a result of the economic crisis. There are a number of ways in which households might respond: reduce spending and with that increase saving, work longer, and/or bequeath less. Using longitudinal data from the Health and Retirement Study and its supplemental surveys, we find that all of these adjustments have been important.

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  • Michael D. Hurd & Susann Rohwedder, 2010. "The Effects of the Economic Crisis on the Older Population," Working Papers wp231, University of Michigan, Michigan Retirement Research Center.
  • Handle: RePEc:mrr:papers:wp231

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    References listed on IDEAS

    1. Michael D. Hurd & Susann Rohwedder, 2006. "Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS," NBER Working Papers 12680, National Bureau of Economic Research, Inc.
    2. Michael D. Hurd & Susann Rohwedder, 2013. "Wealth Dynamics and Active Saving at Older Ages," NBER Chapters,in: Improving the Measurement of Consumer Expenditures, pages 388-413 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Gorodnichenko, Yuriy & Song, Jae & Stolyarov, Dmitriy, 2013. "Macroeconomic Determinants of Retirement Timing," IZA Discussion Papers 7744, Institute for the Study of Labor (IZA).
    2. Christian Dudel & Mikko Myrskylä, 2016. "Recent trends in US working life expectancy at age 50 by gender, education, and race/ethnicity and the impact of the Great Recession," MPIDR Working Papers WP-2016-006, Max Planck Institute for Demographic Research, Rostock, Germany.
    3. Yvonne McCarthy & Kieran McQuinn, 2017. "Price Expectations, Distressed Mortgage Markets and the Housing Wealth Effect," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 45(2), pages 478-513, April.
    4. Chai, Jingjing & Maurer, Raimond H. & Mitchell, Olivia S. & Rogalla, Ralph, 2011. "Lifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply," CFS Working Paper Series 2011/23, Center for Financial Studies (CFS).
    5. Christelis, Dimitris & Georgarakos, Dimitris & Jappelli, Tullio, 2015. "Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession," Journal of Monetary Economics, Elsevier, vol. 72(C), pages 21-41.
    6. Purvi Sevak & Lucie Schmidt & Onur Altindag, 2012. "The Great Recession, Older Workers with Disabilities, and Implications for Retirement Security," Working Papers wp277, University of Michigan, Michigan Retirement Research Center.
    7. repec:red:issued:15-42 is not listed on IDEAS
    8. Dimitris Christelis & Dimitris Georgarakos & Tullio Jappelli & Maarten van Rooij, 2015. "Consumption Uncertainty and Precautionary Saving," CSEF Working Papers 421, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    9. Federica Teppa, 2014. "Consumption behaviour and financial crisis in the Netherlands," DNB Working Papers 453, Netherlands Central Bank, Research Department.

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