The Puzzle of Later Male Retirement
研究了1985年后美国老年男性退休率从下降转为稳定或上升的现象，分析了社会保障改革、养老金类型变化等理论解释，对货币与财政政策制定者有参考价值。
For decades until 1985, the share of older American men whoworked for pay trended downward. Since 1985, though, thatshare has been stable or rising. By 2001, the new trend in male retirement behavior had added 2 million workers to the U.S. labor force.1 Since the number of older men in the United States will increase dramatically as the baby-boom generation ages, the new trend could become even more significant for the U.S. economy in the future. Understanding male retirement behavior is important to both mon-etary and fiscal policymakers. Later retirement affects monetary policy by increasing potential output. It also affects fiscal balances by boosting tax revenues and reducing the cost of earnings-tested benefits such as disability insurance and Medicaid. Economists have put forth several theories to explain why Ameri-can men are retiring later. One theory is that Social Security reforms have encouraged older men to work more. Another is that the decline in the number of workers with defined-benefit pensions has enabled men to continue working longer. A third theory is that the slower