Optimal retirement with unemployment risks
研究了在存在非自愿失业风险和借贷约束的完全市场摩擦中，个人如何做出最优退休决策，发现高失业强度和保险市场摩擦是解释近期实证发现的重要因素。
This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and borrowing constraints in a complete market with frictions. We use an intensity model and loading factors to illustrate the involuntary unemployment risks and frictions in unemployment insurance markets. Using reasonably calibrated parameters, we observe that high involuntary unemployment intensity and loading factors could be important explanations for the empirical findings emphasized in recent studies. We also find that an individual with high leisure demand after retirement reduces consumption during retirement and increases stockholdings as retirement time approaches.