Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57369 
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dc.contributor.authorChai, Jingjingen
dc.contributor.authorMaurer, Raimond H.en
dc.contributor.authorMitchell, Olivia S.en
dc.contributor.authorRogalla, Ralphen
dc.date.accessioned2011-09-29-
dc.date.accessioned2012-04-20T17:09:35Z-
dc.date.available2012-04-20T17:09:35Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:hebis:30-115892en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2011/23en
dc.subject.jelD1en
dc.subject.jelG11en
dc.subject.jelG23en
dc.subject.jelG35en
dc.subject.jelJ14en
dc.subject.jelJ26en
dc.subject.jelJ32en
dc.subject.ddc330en
dc.subject.keywordFinancial Crisisen
dc.subject.keywordHousehold Financeen
dc.subject.keywordLife Cycle Portfolio Choiceen
dc.subject.keywordLabor Supplyen
dc.subject.stwWirtschaftskriseen
dc.subject.stwLebenszyklusen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwEinkommenen
dc.subject.stwKonsumen
dc.subject.stwSparenen
dc.subject.stwAlterssicherungen
dc.subject.stwTheorieen
dc.titleLifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply-
dc.typeWorking Paperen
dc.identifier.ppn669134813en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:201123en

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