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Lifetime labor supply and human capital investment

Rodolfo E. Manuelli, Ananth Seshadri () and Yongseok Shin

No 2012-004, Working Papers from Federal Reserve Bank of St. Louis

Abstract: We develop a model of retirement and human capital investment to study the effects of tax and retirement policies. Workers choose the supply of raw labor (career length) and also the human capital embodied in their labor. Our model explains a significant fraction of the US-Europe difference in schooling and retirement. The model predicts that reforms of the European retirement policies modeled after the US can deliver 15–35 percent gains in per-worker output in the long run. Increased human capital investment in and out of school accounts for most of the gains, with relatively small changes in career length.

Keywords: Human capital; Labor supply; Retirement (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-dge, nep-eur, nep-hrm and nep-lab
Date: 2012
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Working Paper: Lifetime Labor Supply and Human Capital Investments (2012) Downloads
Working Paper: Lifetime Labor Supply and Human Capital Investment (2012) Downloads
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