Pensions, Efficiency Wages, and Job Mobility
This paper finds that compensation premia and not pension backloading are responsible for the low mobility rates from jobs with pensions. Compensation premia, which may represent efficiency wages, are calculated as the difference in compensation between the current job and the best alternative job, allowing for the fact that such premia are observed only for job changers. The amount of pension backloading is calculated from data provided by employers to the Survey of Consumer Finances, greatly improving the precision of measurement over past efforts. This finding has important implications for labor market analysis and for policies concerning pension regulation.
|Date of creation:||Nov 1987|
|Publication status:||published as Pension Incentives and Job Mobility. Kalamazoo, MI: Upjohn Institute for Employment Policy, 1995.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
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- Laurence J. Kotlikoff & David A. Wise, 1987.
"The Incentive Effects of Private Pension Plans,"
in: Issues in Pension Economics, pages 283-340
National Bureau of Economic Research, Inc.
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- Laurence J. Kotlikoff & David A. Wise, 1985.
"Labor Compensation and the Structure of Private Pension Plans: Evidence for Contractual versus Spot Labor Markets,"
in: Pensions, Labor, and Individual Choice, pages 55-88
National Bureau of Economic Research, Inc.
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- Steven G. Allen & Robert L. Clark, 1987. "Pensions and Firm Performance," NBER Working Papers 2266, National Bureau of Economic Research, Inc.
- Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1991. "Pensions, Bonding, and Lifetime Jobs," NBER Working Papers 3688, National Bureau of Economic Research, Inc.
- Jeremy I. Bulow, 1982. "What are Corporate Pension Liabilities?," The Quarterly Journal of Economics, Oxford University Press, vol. 97(3), pages 435-452.
- Olivia S. Mitchell, 1983. "Fringe Benefits and the Cost of Changing Jobs," ILR Review, Cornell University, ILR School, vol. 37(1), pages 70-78, October.
- Martin Segal, 1986. "Post-Institutionalism in Labor Economics: The Forties and Fifties Revisited," ILR Review, Cornell University, ILR School, vol. 39(3), pages 388-403, April.
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