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http://hdl.handle.net/10419/57369
  

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dc.contributor.authorChai, Jingjingen_US
dc.contributor.authorMaurer, Raimond H.en_US
dc.contributor.authorMitchell, Olivia S.en_US
dc.contributor.authorRogalla, Ralphen_US
dc.date.accessioned2011-09-29en_US
dc.date.accessioned2012-04-20T17:09:35Z-
dc.date.available2012-04-20T17:09:35Z-
dc.date.issued2011en_US
dc.identifier.piurn:nbn:de:hebis:30-115892en_US
dc.identifier.urihttp://hdl.handle.net/10419/57369-
dc.description.abstractThe direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and reduced labor earnings, which reduced household contributions to Social Security and some private pensions. Our research asks which types of individuals were most affected by these dual financial and economic shocks, and it also explores how people may react by changing their consumption, saving and investment, work and retirement, and annuitization decisions. We do so with a realistically calibrated lifecycle framework allowing for time-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce both short- and long-term consumption, boost work effort, and defer retirement. Younger cohorts will initially reduce their work hours, consumption, saving, and equity exposure; later in life, they will work more, retire later, consume less, invest more in stocks, save more, and reduce their demand for private annuities.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2011/23en_US
dc.subject.jelD1en_US
dc.subject.jelG11en_US
dc.subject.jelG23en_US
dc.subject.jelG35en_US
dc.subject.jelJ14en_US
dc.subject.jelJ26en_US
dc.subject.jelJ32en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Crisisen_US
dc.subject.keywordHousehold Financeen_US
dc.subject.keywordLife Cycle Portfolio Choiceen_US
dc.subject.keywordLabor Supplyen_US
dc.subject.stwWirtschaftskriseen_US
dc.subject.stwLebenszyklusen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwEinkommenen_US
dc.subject.stwKonsumen_US
dc.subject.stwSparenen_US
dc.subject.stwAlterssicherungen_US
dc.subject.stwTheorieen_US
dc.titleLifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supplyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn669134813en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfswop:201123-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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