The Trend in Retirement

Karen Kopecky

No 187, 2006 Meeting Papers from Society for Economic Dynamics

Abstract: A model with leisure production and endogenous retirement is used to explain the declining labor-force participation rates of elderly males. Using the Health and Retirement Study, the model is calibrated to cross-sectional data on the labor-force participation rates of elderly US males by age and their average drop in market consumption in the year 2000. Running the calibrated model for the period 1850 to 2000, a prediction of the evolution of the cross-section is obtained and compared with data. The model is able to predict both the increase in retirement since 1850 and the observed drop in market consumption at the moment of retirement. The increase in retirement is driven by rising real wages and a falling price of leisure goods over time

Keywords: retirement; leisure; home production; consumption-drop; technological progress (search for similar items in EconPapers)
JEL-codes: E13 J26 O11 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-lab and nep-mac
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: THE TREND IN RETIREMENT (2011)
Working Paper: The Trend in Retirement (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed006:187

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