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The Joint Labor Supply Decision of Married Couples and the Social Security Pension System

Research output: Working paper

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The Joint Labor Supply Decision of Married Couples and the Social Security Pension System. / Nishiyama, Shinichi.
Lancaster: Lancaster University, Department of Economics, 2015. (Economics Working Paper Series).

Research output: Working paper

Harvard

Nishiyama, S 2015 'The Joint Labor Supply Decision of Married Couples and the Social Security Pension System' Economics Working Paper Series, Lancaster University, Department of Economics, Lancaster.

APA

Nishiyama, S. (2015). The Joint Labor Supply Decision of Married Couples and the Social Security Pension System. (Economics Working Paper Series). Lancaster University, Department of Economics.

Vancouver

Nishiyama S. The Joint Labor Supply Decision of Married Couples and the Social Security Pension System. Lancaster: Lancaster University, Department of Economics. 2015. (Economics Working Paper Series).

Author

Nishiyama, Shinichi. / The Joint Labor Supply Decision of Married Couples and the Social Security Pension System. Lancaster : Lancaster University, Department of Economics, 2015. (Economics Working Paper Series).

Bibtex

@techreport{99de59840b104f0ebd2e31c9d54a8ef5,
title = "The Joint Labor Supply Decision of Married Couples and the Social Security Pension System",
abstract = "The current U.S. Social Security program redistributes resources from high-wage workers to low-wage workers through its progressive benefit schedule and from two-earner couples and singles to one-earner couples through its spousal and survivors benefits. This paper extends a standard general-equilibrium overlapping-generations model with uninsurable wage shocks to analyze the effect of the spousal and survivors benefits on the labor supply of married households and the overall economy. The heterogeneousagent model calibrated to the current U.S. economy predicts that, in the long run, removing spousal and survivors benefits would increase the female labor participation rate by 1.4%, the total working hours of women by 1.6–1.7%, and the total output of the economy by 0.5–0.6%. Under the balanced-budget assumption, a phased-in cohort-by-cohort removal of these benefits would make all age cohorts, on average, better off, although the policy change would make a majority of young married households worse off in the short run.",
keywords = "dynamic general equilibrium, heterogeneous agents, overlapping generations, female labor supply",
author = "Shinichi Nishiyama",
year = "2015",
language = "English",
series = "Economics Working Paper Series",
publisher = "Lancaster University, Department of Economics",
type = "WorkingPaper",
institution = "Lancaster University, Department of Economics",

}

RIS

TY - UNPB

T1 - The Joint Labor Supply Decision of Married Couples and the Social Security Pension System

AU - Nishiyama, Shinichi

PY - 2015

Y1 - 2015

N2 - The current U.S. Social Security program redistributes resources from high-wage workers to low-wage workers through its progressive benefit schedule and from two-earner couples and singles to one-earner couples through its spousal and survivors benefits. This paper extends a standard general-equilibrium overlapping-generations model with uninsurable wage shocks to analyze the effect of the spousal and survivors benefits on the labor supply of married households and the overall economy. The heterogeneousagent model calibrated to the current U.S. economy predicts that, in the long run, removing spousal and survivors benefits would increase the female labor participation rate by 1.4%, the total working hours of women by 1.6–1.7%, and the total output of the economy by 0.5–0.6%. Under the balanced-budget assumption, a phased-in cohort-by-cohort removal of these benefits would make all age cohorts, on average, better off, although the policy change would make a majority of young married households worse off in the short run.

AB - The current U.S. Social Security program redistributes resources from high-wage workers to low-wage workers through its progressive benefit schedule and from two-earner couples and singles to one-earner couples through its spousal and survivors benefits. This paper extends a standard general-equilibrium overlapping-generations model with uninsurable wage shocks to analyze the effect of the spousal and survivors benefits on the labor supply of married households and the overall economy. The heterogeneousagent model calibrated to the current U.S. economy predicts that, in the long run, removing spousal and survivors benefits would increase the female labor participation rate by 1.4%, the total working hours of women by 1.6–1.7%, and the total output of the economy by 0.5–0.6%. Under the balanced-budget assumption, a phased-in cohort-by-cohort removal of these benefits would make all age cohorts, on average, better off, although the policy change would make a majority of young married households worse off in the short run.

KW - dynamic general equilibrium

KW - heterogeneous agents

KW - overlapping generations

KW - female labor supply

M3 - Working paper

T3 - Economics Working Paper Series

BT - The Joint Labor Supply Decision of Married Couples and the Social Security Pension System

PB - Lancaster University, Department of Economics

CY - Lancaster

ER -