Substitutability Between Prime-Age and Marginal-Retirement-Age Workers
Date: Wednesday, Apr 9, 2025, 16:30 ~ 17:45
Speaker: 정영욱 (KDI)
Location: 우석경제관(223동) 405호
◈ 주 제 : Substitutability Between Prime-Age and Marginal-Retirement-Age Workers
◈ 발표자 : 정영욱 (KDI)
◈ 일 시 : 2025년 4월 9일 수요일 16:30 ~ 17:45
◈ 장 소 : 우석경제관(223동) 405호
◈ 발표자 : 정영욱 (KDI)
◈ 일 시 : 2025년 4월 9일 수요일 16:30 ~ 17:45
◈ 장 소 : 우석경제관(223동) 405호
◈ 주 관 : 경제학부, 경제연구소 한국경제혁신센터, SSK, BK21
Substitutability Between Prime-Age and Marginal-Retirement-Age Workers
Abstract:
This study examines the substitutability between prime-age (ages 25-54) and marginal-retirement-age (ages 55-64) workers by investigating the impact of internal migration of prime-age workers across 320 U.S. Metropolitan Statistical Areas from 2002 to 2019. A 1% increase in prime-age worker inflows boosts the relative employment of prime- to marginal-retirement-age workers by 1.39%. The inflow shock reduces relative earnings by 0.18%, indicating a substitution elasticity of 7.7. Interpreted via an overlapping generations model, the inflow of prime-age workers, coupled with low substitutability, enhances the welfare of workers nearing retirement.