Skip to main content
. Author manuscript; available in PMC: 2014 Dec 1.
Published in final edited form as: J Public Econ. 2013 Dec;108:10.1016/j.jpubeco.2013.09.003. doi: 10.1016/j.jpubeco.2013.09.003

Table 6.

Effects pre- and post-ERA

Men
Women
Retirement benefits (1) Employment (2) Unemployment (3) Disability (4) Retirement benefits (5) Employment (6) Unemployment (7) Disability (8)
pre-ERA
I(age<ERA-2) −1.08*** (0.28) −0.24 (0.23) 0.78** (0.33) −0.64*** (0.20) −0.57*** (0.16) −0.15* (0.08)
I(age<ERA-1.5) −0.52** (0.21) −1.02*** (0.15) 0.46** (0.18) 0.06 (0.20) −1.56*** (0.11) −0.15** (0.07)
I(age<ERA-l) −0.51** (0.23) −1.51*** (0.22) 0.50** (0.20) 0.40* (0.23) −2.38*** (0.24) −0.03 (0.08)
I(age<ERA-0.5) −0.39 (0.25) −1.30*** (0.17) 0.64*** (0.20) 0.30 (0.24) −2.19*** (0.21) −0.04 (0.09)
I(age<ERA) −24.77*** (0.56) 8.98*** (0.38) 12.18*** (0.42) 1.35*** (0.21) −25.43*** (1.03) 10.88*** (0.41) 11.46*** (0.72) 0.08 (0.08)
post-ERA
I(age<ERA+0.5) −4.14*** (0.37) 1.25*** (0.24) 0.71*** (0.21) 0.90*** (0.22) −5.31*** (0.20) 2.27*** (0.21) 1.03*** (0.18) 0.07 (0.09)
I(age<ERA+l) −1.51*** (0.31) −0.36 (0.28) 0.31* (0.16) 0.75*** (0.21) −3.31*** (0.19) 0.98*** (0.22) 0.87*** (0.17) 0.06 (0.07)
I(age<ERA+1.5) −0.96*** (0.29) −0.31 (0.28) 0.33** (0.16) 0.36** (0.16) −2.23*** (0.28) 0.47** (0.21) 0.78*** (0.15) 0.02 (0.06)
I(age<ERA+2) −0.23 (0.18) −0.52* (0.27) 0.10 (0.10) 0.13 (0.18) −1.78*** (0.20) −0.19 (0.25) 1.10*** (0.14) 0.07 (0.07)
R2 0.345 0.385 0.109 0.293 0.492 0.410 0.087 0.156
#Obs. 8,731,826 8,731,826 8,731,826 8,731,826 9,391,883 9,391,883 9,391,883 9,391,883
#Individuals 440,537 440,537 440,537 440,537 495,714 495,714 495,714 495,714

Notes: This table displays estimates of equation (1) when we include indicator variables for whether an individual's age is below ERA-2 years, ERA-1.5 years, ERA-1 year, ERA-0.5 years, ERA, ERA+0.5 years, ERA+1 year, ERA+1.5 years, and ERA+2 years. In columns (1) and (5) we only include the indicators ERA, ERA+0.5 years, ERA+1 year, ERA+1.5 years, and ERA+2 years because individuals only become eligible for retirement benefits at the ERA. Standard errors, in parentheses, are clustered at the year-quarter of birth. Coefficient and standard errors are multiplied by 100 and should be interpreted as percentage points. Controls in all specifications include dummies for age in months, dummies for year-quarter, experience in last 15 years, blue-collar status, number of insurance years, annual earnings, average earnings in best 15 years, expected UI benefits, dummies for weeks of UI eligibility (20, 30, 39, 52, 78 weeks), expected retirement benefits, number of sick leave days between ages 45-49 for women and ages 50-54 for men, dummies for industry, dummies for birth cohort at a quarterly frequency, dummies for birth cohort interacted with a second-order polynomial in calendar time, and dummies for age in months interacted with a second-order polynomial in calendar time. The time period is 1997-2010. Significance levels:

***

1%

**

5%

*

10%.