Wealth effects and the consumption of leisure: retirement decisions during the stock market boom of the 1900s
Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Business & Economics - 39 pages
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Banking beneﬁts Brian Sack bull market Consumption of Leisure DB pension DB plans December 200I Dependent Variable descriptive statistics Determinants of Retirement deviations from expected deviations from retirement Dummy variable equal earlier than expected early retirement econometric Economics Discussion Series effect of wealth Effect T-Statistic employer-provided health insurance estimates expected retirement age expected retirement dates Federal Reserve Board ﬁnd ﬁrst half Health and Retirement Health ever deteriorated Health shock health status inﬂuence labor force participation labor supply least risk averse marginal effects marital status Mark Carlson measure months earlier November 200I otherwise Dummy variable percent poor health R-squared respondent retired earlier retiree health insurance retirement behavior retirement decisions retirement expectations risk averse group sample period self-employed signiﬁcant signiﬁcantly speciﬁcation Stock Market Boom stock market gains stock market wealth stock ownership Unanticipated equity gain unanticipated gain unexpected changes Variable Name wage and salary wealth effect women worth to income