全球智库信息集成服务系统(G2TT): Bulls, Bears, and Retirement Behavior

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10779
来源ID	Working Paper 10779
	Bulls, Bears, and Retirement Behavior
	Courtney C. Coile; Phillip B. Levine
发表日期	2004-09-20
出版年	2004
语种	英语
摘要	The historic boom and bust in the stock market over the past decade had the potential to significantly alter the retirement behavior of older workers. Previous research examining the impact of wealth shocks on labor supply supports the plausibility of this hypothesis. In this paper, we examine the relationship between stock market performance and retirement behavior using the Health and Retirement Study (HRS), Current Population Survey (CPS), and Survey of Consumer Finances (SCF). We first present a descriptive analysis of the wealth holdings of older households and simulate the labor supply response among stockholders necessary to generate observed patterns in retirement. We show that few households have substantial stock holdings and that they would have to be extremely responsive to market fluctuations to explain observed labor force patterns. We then exploit the unique pattern of boom and bust along with variation in stock exposure to generate a double quasi-experiment, comparing the retirement and labor force re-entry patterns over time of those more and less exposed to the market. Any difference in behavior that emerged during the boom should have reversed itself during the bust. We find no evidence that changes in the stock market drive aggregate trends in labor supply.
主题	Labor Economics ; Demography and Aging ; Labor Supply and Demand
URL	https://www.nber.org/papers/w10779
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/568411
推荐引用方式 GB/T 7714	Courtney C. Coile,Phillip B. Levine. Bulls, Bears, and Retirement Behavior. 2004.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w10779.pdf（1072KB）	智库出版物		限制开放	CC BY-NC-SA	浏览