| 1. |
- Laun, Tobias, et al.
(författare)
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A Life Cycle Model of Health and Retirement : The Case of Swedish Pension Reform
- 2012
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- In this paper we develop a life cycle model of labor supply and retirement to study the interactions between health and the labor supply behavior of older workers, in particular disability insurance and pension claiming. In our framework, individuals choose when to stop working and, given eligibility criteria, when/if to apply for disability and pension benefits. Individuals care about their health and can partially insure against health shocks by investing in health. We use the model to study the labor supply implications of the recent Swedish pension reform. We find that the new pension system creates big incentives for the continued employment of older workers. In particular, the model predicts an increase in the average retirement age of more than two years.
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| 2. |
- Laun, Tobias, et al.
(författare)
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Effekter av den svenska pensionsreformen för äldre arbetstagare
- 2013
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Ingår i: Ekonomisk Debatt. - 0345-2646. ; 1:41, s. 28-31
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- I denna artikel studerar vi samspelet mellan hälsa, sjukersättning och ålders-pensionsförmåner. Vi konstruerar en livscykelmodell för arbetsutbud och pen-sion, där de viktigaste ingredienserna är att individer väljer när de ska slutaarbeta och, utifrån urvalskriterierna, om och när de ansöker om sjukersättningoch pensionsförmåner. Sverige är ett av få länder som faktiskt har genomförten omfattande pensionsreform, och vi använder vårt ramverk för att studerakonsekvenserna av den senaste svenska pensionsreformen för arbetsutbudet.Vi finner att den svenska pensionsreformen skapar stora incitament för äldrearbetstagare att arbeta längre.
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| 3. |
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| 4. |
- Laun, Tobias, et al.
(författare)
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Social Insurance and Retirement : A Cross-Country Perspective
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- In this paper we study the role of social insurance, namely old-age pensions, disability insurance and healthcare, in accounting for the differing labor supply patterns of older individuals across OECD countries. To this end, we develop a life cycle model of labor supply and health with heterogeneous agents. The key features of the framework are: (1) people choose when to stop working, and when/if to apply for disability and pension benefits, (2) the awarding of disability insurance benefits is imperfectly correlated with health, and (3) people can partially insure against health shocks by investing in health, the cost of which is dependent on health insurance coverage. We find that the incentives faced by older workers differ hugely across countries. In fact, based solely on differences in social insurance programs, the model predicts even more cross-country variation in the employment rates of people aged 55-64 than we observe in the data.
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| 5. |
- Prescott, Edward C., et al.
(författare)
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Aggregate Labor Supply
- 2012
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Ingår i: Federal Reserve Bank of Minneapolis Quarterly Review. - : Federal Reserve Bank of Minneapolis. - 0271-5287. ; 35:2, s. 2-16
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Tidskriftsartikel (refereegranskat)abstract
- Macroeconomics has made tremendous advances following the introduction of labor supply into the field. Today, it is widely acknowledged that labor supply matters for many key economic issues, particularly for business cycles and tax policy analysis. However, the extent to which labor supply matters for such questions depends on the aggregate labor supply elasticity—that is, the sensitivity of the time allocation between market and nonmarket activities. For several decades, the magnitude of the aggregate labor supply elasticity has been the subject of much debate. In this article, we review the debate and conclude that the elasticity of labor supply of the aggregate household is much higher than the elasticity of the identical households being aggregated. The aggregate household utility function differs from the individuals’ utility functions for the same reason that the aggregate production function differs from the individual firms’ production functions being aggregated. The differences in individual and aggregate supply elasticities are what aggregation theory predicts.
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| 6. |
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| 8. |
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| 9. |
- Wallenius, Johanna
(författare)
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Human capital accumulation and the intertemporal elasticity of substitution of labor: How large is the bias?
- 2011
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Ingår i: Review of Economic Dynamics. - : Elsevier. - 1094-2025. ; 14:4, s. 577-591
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Tidskriftsartikel (refereegranskat)abstract
- I consider two different skill accumulation technologies, learning by doing and Ben-Porath type training. The effect of human capital accumulation in the form of learning by doing is to increase the labor supply elasticity estimate by a factor of 2.1 relative to the estimate that ignores human capital accumulation. The results are similar for the Ben-Porath type training technology, although the estimate of the bias is somewhat higher.
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| 10. |
- Wallenius, Johanna, et al.
(författare)
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Nonconvexities, Retirement, and the Elasticity of Labor Supply
- 2013
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Ingår i: American Economic Review. - : American Economic Association. - 0002-8282. ; 103:4, s. 1445-1462
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Tidskriftsartikel (refereegranskat)abstract
- We consider two life cycle models of labor supply that use nonconvexities to generate retirement. In each case we derive a link between hours worked prior to retirement, the intertemporal elasticity of substitution for labor (IES), and the size of the nonconvexities. This link is robust to allowing for credit constraints and human capital accumulation by younger workers and suggests values for the IES that are .75 or higher.
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