How does endogenizing retirement (career-length) choice change the labor-supply and human-capital implications of the canonical Heckman, Lochner, and Taber (1998a, HLT) life-cycle general-equilibrium …
This 1998 Journal of Political Economy paper by Lars Ljungqvist and Thomas Sargent argues that the persistently high unemployment that struck European welfare states from the 1980s onward reflects not …