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Journal Article
How Do Local Labor Markets Affect Retirement?
Compared with prime-age workers, older workers face an easier path out of the labor force if they lose their jobs during a recession. However, premature job exits or earnings losses in the years leading up to retirement may be particularly devastating to retirement savings. The authors analyze the impact of recent business cycles on retirement using multifaceted job transitions of older workers. They focus on local labor markets because older workers are particularly unlikely to move for work. Surprisingly, the biggest effect of a higher local unemployment rate on older workers is to raise ...
Journal Article
Keep your résumé current
Workers are switching jobs more often than in the past. Among the reasons are changes in technology, changes in demographics and changes in such institutions as unions and international trade.
Working Paper
Searching for better prospects: endogenizing falling job tenure and private pension coverage
Recent declines in job tenure have coincided with a shift away from traditional defined benefit (DB) pensions, which reward long tenure. New evidence also points to an increase in job-to-job movements by workers, and we document gains in relative wages of job-to-job movers over a similar period. We develop a search model in which firms may offer tenure-based contracts like DB pensions to reduce the incidence of costly on-the-job search by workers. Either reduced search costs or an increase in the probability of job matches can, under fairly general conditions, lower the value of deterring ...
Working Paper
Explaining the evolution of pension structure and job tenure
Average and expected job tenure of workers has fallen significantly over the last two decades. Workers have also experienced a major shift in pension coverage. Traditional defined benefit pensions, designed to reward long tenure, have become steadily less common, while defined contribution pensions, which are largely portable, have spread. The link between job tenure and pension trends has not been closely examined, but it offers insights about both phenomena. This paper uses a contract-theoretic matching model with moral hazard to explain changes in both pension structure and job tenure; we ...