The effect of social security, health, demography and technology on retirement
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/9301 |
Resumo: | This article studies the determinants of the labor force participation of the elderly and investigates the factors that may account for the increase in retirement in the second half of the last century. We develop a life-cycle general equilibrium model with endogenous retirement that embeds Social Security legislation and Medicare. Individuals are ex ante heterogeneous with respect to their preferences for leisure and face uncertainty about labor productivity, health status and out-of-pocket medical expenses. The model is calibrated to the U.S. economy in 2000 and is able to reproduce very closely the retirement behavior of the American population. It reproduces the peaks in the distribution of Social Security applications at ages 62 and 65 and the observed facts that low earners and unhealthy individuals retire earlier. It also matches very closely the increase in retirement from 1950 to 2000. Changes in Social Security policy - which became much more generous - and the introduction of Medicare account for most of the expansion of retirement. In contrast, the isolated impact of the increase in longevity was a delaying of retirement. |
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Ferreira, Pedro CavalcantiSantos, Marcelo Rodrigues dosEscolas::EPGEFGV2012-02-24T11:01:24Z2012-02-24T11:01:24Z2012-02-240104-8910http://hdl.handle.net/10438/9301This article studies the determinants of the labor force participation of the elderly and investigates the factors that may account for the increase in retirement in the second half of the last century. We develop a life-cycle general equilibrium model with endogenous retirement that embeds Social Security legislation and Medicare. Individuals are ex ante heterogeneous with respect to their preferences for leisure and face uncertainty about labor productivity, health status and out-of-pocket medical expenses. The model is calibrated to the U.S. economy in 2000 and is able to reproduce very closely the retirement behavior of the American population. It reproduces the peaks in the distribution of Social Security applications at ages 62 and 65 and the observed facts that low earners and unhealthy individuals retire earlier. It also matches very closely the increase in retirement from 1950 to 2000. Changes in Social Security policy - which became much more generous - and the introduction of Medicare account for most of the expansion of retirement. In contrast, the isolated impact of the increase in longevity was a delaying of retirement.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;727RetirementAging populationSocial securityHealth shocksMedicareEconomiaAposentadoriaSeguro socialEconomiaThe effect of social security, health, demography and technology on retirementinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessLICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
The effect of social security, health, demography and technology on retirement |
title |
The effect of social security, health, demography and technology on retirement |
spellingShingle |
The effect of social security, health, demography and technology on retirement Ferreira, Pedro Cavalcanti Retirement Aging population Social security Health shocks Medicare Economia Aposentadoria Seguro social Economia |
title_short |
The effect of social security, health, demography and technology on retirement |
title_full |
The effect of social security, health, demography and technology on retirement |
title_fullStr |
The effect of social security, health, demography and technology on retirement |
title_full_unstemmed |
The effect of social security, health, demography and technology on retirement |
title_sort |
The effect of social security, health, demography and technology on retirement |
author |
Ferreira, Pedro Cavalcanti |
author_facet |
Ferreira, Pedro Cavalcanti Santos, Marcelo Rodrigues dos |
author_role |
author |
author2 |
Santos, Marcelo Rodrigues dos |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Ferreira, Pedro Cavalcanti Santos, Marcelo Rodrigues dos |
dc.subject.por.fl_str_mv |
Retirement Aging population Social security Health shocks Medicare |
topic |
Retirement Aging population Social security Health shocks Medicare Economia Aposentadoria Seguro social Economia |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Aposentadoria Seguro social Economia |
description |
This article studies the determinants of the labor force participation of the elderly and investigates the factors that may account for the increase in retirement in the second half of the last century. We develop a life-cycle general equilibrium model with endogenous retirement that embeds Social Security legislation and Medicare. Individuals are ex ante heterogeneous with respect to their preferences for leisure and face uncertainty about labor productivity, health status and out-of-pocket medical expenses. The model is calibrated to the U.S. economy in 2000 and is able to reproduce very closely the retirement behavior of the American population. It reproduces the peaks in the distribution of Social Security applications at ages 62 and 65 and the observed facts that low earners and unhealthy individuals retire earlier. It also matches very closely the increase in retirement from 1950 to 2000. Changes in Social Security policy - which became much more generous - and the introduction of Medicare account for most of the expansion of retirement. In contrast, the isolated impact of the increase in longevity was a delaying of retirement. |
publishDate |
2012 |
dc.date.accessioned.fl_str_mv |
2012-02-24T11:01:24Z |
dc.date.available.fl_str_mv |
2012-02-24T11:01:24Z |
dc.date.issued.fl_str_mv |
2012-02-24 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/9301 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
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0104-8910 |
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http://hdl.handle.net/10438/9301 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;727 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
dc.source.none.fl_str_mv |
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