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Retirement in a Life Cycle Model of Labor Supply with Home Production
by Richard Rogerson and Johanna Wallenius
WP 2009-205
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- A theory of retirement is needed to assess budgetary implications of social security reforms.
- Existing models of retirement imply large labor supply responses to changes in the design of social security, but are not consistent with existing data on labor supply and wages.
- Home production time increases by only a small amount at retirement.
- We show that changes in home production time at retirement are an important element in assessing theories of retirement.
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