Economic consequences of the Great Recession

Bosworth, Barry P. “Economic consequences of the Great Recession”. CRR WP 2012-4, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, February 2012. http://hdl.handle.net/2345/bc-ir:104807.
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Abstract

The paper uses micro-survey data from successive waves of the Panel Study on Income Dynamics to investigate the distribution of wealth and job losses during the 2007-09 recession for different segments of the population and the effect of the recession on the retirement decisions of older workers. Estimates of wealth losses are constructed for major socioeconomic groups and compared with those of the Survey of Consumer Finances. The panel dimension of the data is used to measure change in the labor force status of workers and to estimate the determinants of the decision to transition from participation in the labor force to retirement. The study concludes that retirement decisions are influenced both by variations in labor market conditions and by the value of household wealth but that labor market exerts a larger impact.

Title
Economic consequences of the Great Recession: Evidence from the Panel Study of Income Dynamics
Author
Bosworth, Barry P.
Center
Center for Retirement Research
Genre
working paper
Date Issued
February 2012
Publisher
Center for Retirement Research at Boston College
Series Title
CRR WP
Series Number
2012-4
Persistent Link
http://hdl.handle.net/2345/bc-ir:104807
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Older workers

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