The saving patterns of retired US households pose a challenge to the basic life-cycle model
of saving. The observed patterns of out-of-pocket medical expenses, which rise quickly with …

We propose a theory of indebted demand, capturing the idea that large debt burdens lower
aggregate demand, and thus the natural rate of interest. At the core of the theory is the …

Despite facing significant uncertainty about their lifespans and health care costs, most
retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees' …

This paper reviews the financing of long‐term services and supports (LTSS) in the United
States. I characterize existing payment arrangements as incomplete insurance. The paper …

Retired households, especially those with high lifetime income, decumulate their wealth very
slowly, and many die leaving large estates. The three leading explanations for the …

In this chapter, we review the evidence on retirement and study the role of incentives in the
retirement decision. The key patterns of withdrawal from the labor market are presented and …

The old age provisions of the Medicaid program were designed to insure retirees against
medical expenses. We estimate a structural model of savings and medical spending and …

All individuals face some risk of ending up old, sick, alone, and poor. Is there a role for social
insurance for these risks and, if so, what is a good programme? A large literature has …

Abstract Background Persons with Alzheimer's disease and related dementias (ADRD)
receive care from family/friends, but how care changes from the onset of dementia remains …

Informal long-term caregiving for frail elderly individuals by their children may induce
parents to compensate their children for their help. To test this hypothesis, I use the exit …