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文章基本信息

  • 标题:Retirement choice in a frictionless labor market
  • 本地全文:下载
  • 作者:Luz A. Flórez ; Catalina Granda
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2019
  • 卷号:39
  • 期号:1
  • 页码:1-8
  • 出版社:Economics Bulletin
  • 摘要:This paper investigates optimal consumption and retirement choices in an environment without labor market frictions but in which agents face liquidity constraints. To this end, we characterize the optimal savings strategy and the threshold level of assets associated with the decision to retire or not, which in turn yield the optimal consumption and work choices. In line with the literature, we show that wealth plays a crucial role since it determines whether or not it is optimal to save and then to retire. However, our results differ from the conventional view as we find that, for those workers with low levels of assets, retirement is never optimal regardless of income uncertainty.
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