LATE CAREER JOB LOSS AND THE DECISION TO RETIRE
研究了老年工人非自愿失业对其终身收入和劳动供给的影响，发现失业平均导致提前14个月退休，成本相当于一年收入，其中70%来自工资下降，30%来自求职摩擦。
Abstract This article provides an empirical analysis of the effect of involuntary job loss on the lifetime income and labor supply of older workers. I develop and estimate a dynamic programming model of retirement with savings, costly job search, and exogenous layoffs. The average cost of job loss is equivalent to one year of predisplacement earnings, 70% due to the wage reduction and 30% to the search frictions. Displaced workers on average retire 14 months earlier. Workers who approached retirement during the Great Recession will work approximately five months longer in response to the contemporaneous financial and labor market shocks.