What Explains Changes in Retirement Plans during the Great Recession?
利用健康与退休调查2006和2008年数据，研究发现2008年资产价格暴跌提高了62岁仍在工作的主观概率，失业率上升部分抵消此效应，但住房市场变化无影响。
We examine changes in subjective probabilities regarding retirement between the 2006 and 2008 waves of the Health and Retirement Study. Using a first-difference approach to eliminate individual heterogeneity, we find that the steep drop in asset prices in 2008 increased the reported probability of working at age 62 during the Great Recession. Increasing unemployment at least partly attenuated this effect, but subjective probabilities of working did not respond to changes in housing markets. Older workers' probabilities of working were more sensitive to fluctuations in the stock market, but less responsive to changes in labor market conditions.