Does retirement flexibility provide a hedge against macroeconomic risk?

Author:

ADEMA YVONNE,BONENKAMP JAN,MEIJDAM LEX

Abstract

AbstractRetirement flexibility is often seen as a hedge against macroeconomic risks such as capital market risks, which justifies more risky asset portfolios. This paper analyses the robustness of this claim in both a partial equilibrium and general equilibrium setting. We show that this positive relationship between risk taking and retirement flexibility is weakened and under some conditions even turned around if not only capital market risks, but also productivity risks are considered. Productivity risk in combination with a high elasticity of substitution between consumption and leisure creates a positive correlation between asset returns and labour income, reducing the willingness of consumers to bear risk.

Publisher

Cambridge University Press (CUP)

Subject

Organizational Behavior and Human Resource Management,Economics and Econometrics,Finance,Organizational Behavior and Human Resource Management,Economics and Econometrics,Finance

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Pensions and Risk;Economics and Ageing;2019-11-30

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