Working Paper: NBER ID: w3018
Authors: Michael D. Hurd
Abstract: This is the first part of a three-part paper on research on the elderly. The objective of the paper is to present issues and research results in three areas: economic status, retirement, and consumption and saving. This part covers background material on demographic change, living arrangements, income growth and labor force participation, and research on economic Status. The major areas of research on economic status are: adjustments to observed income to bring it closer to a welfare measure with the objective of understanding whether the elderly are better off than the nonelderly; the distribution of income among the elderly and in particular the extent and causes of the high poverty level of elderly widows; wealth holdings, especially sources of wealth and the importance of public programs.
Keywords: Elderly; Economic Status; Retirement; Consumption; Saving Behavior
JEL Codes: J14; I31
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| demographic changes (J11) | economic status of the elderly (J14) |
| increase in elderly population (J14) | strain on social security systems (H55) |
| prolonged life expectancy of women (J17) | higher poverty rates among elderly widows (I32) |
| concentration of wealth among the elderly (D14) | economic status of the elderly (J14) |
| elderly population (J14) | necessity for adequate economic support systems (P36) |