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Key Findings Details

Retirement in a Life Cycle Model of Labor Supply with Home Production
Richard Rogerson and Johanna Wallenius
WP 2009-205

  • A theory of retirement is needed to assess budgetary implications of Social Security reforms.
  • Models of retirement imply large labor supply responses to changes in the design of Social Security, but are not consistent with data on labor supply and wages.
  • Home production time increases by only a small amount at retirement.
  • We show that changes in home production time at retirement are an important element in assessing theories of retirement.