Booms, Busts and Retirement Timing

21 Pages Posted: 14 Jun 2015

See all articles by Richard F. Disney

Richard F. Disney

University of Nottingham; Institute for Fiscal Studies (IFS); Axia Economics

Anita Ratcliffe

University of Sheffield - Department of Economics

Sarah Smith

University of Bristol; Institute for Fiscal Studies (IFS)

Date Written: July 2015

Abstract

Cyclical fluctuations - which affect both asset and labour markets - can have an ambiguous effect on retirement. We explore this empirically using data from the British Household Panel Survey, exploiting small area geographic identifiers to match local house prices, earnings and unemployment to respondents. We match stock prices via the date of interview. Our results show little evidence of any positive wealth effects despite large spatial and temporal variations in asset prices over the period analysed. We find more response to local labour market conditions - increases in unemployment are associated with earlier retirement, while increases in wages delay retirement.

Suggested Citation

Disney, Richard F. and Ratcliffe, Anita and Smith, Sarah, Booms, Busts and Retirement Timing (July 2015). Economica, Vol. 82, Issue 327, pp. 399-419, 2015. Available at SSRN: https://ssrn.com/abstract=2618129 or http://dx.doi.org/10.1111/ecca.12133

Richard F. Disney (Contact Author)

University of Nottingham ( email )

School of Economics
Nottingham NG7 2RD
United Kingdom
+44 115 951 5620 (Phone)
+44 115 951 4159 (Fax)

Institute for Fiscal Studies (IFS)

7 Ridgmount Street
London, WC1E 7AE
United Kingdom

Axia Economics ( email )

38 Concanon Road
London SW2 5TA
United Kingdom

Anita Ratcliffe

University of Sheffield - Department of Economics ( email )

9 Mappin Street
Sheffield, S1 4DT
UNITED KINGDOM

Sarah Smith

University of Bristol ( email )

University of Bristol,
Senate House, Tyndall Avenue
Bristol, BS8 ITH
United Kingdom

Institute for Fiscal Studies (IFS) ( email )

7 Ridgmount Street
London, WC1E 7AE
United Kingdom

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