By applying a linear regression model to monthly time series data from the German equity and money markets, this paper challenges the conventional viewpoint that historical data do not possess any explanatory power for future stock market returns.

In this paper, I describe a structural model of retirement behaviour, in which the multiplicityof alternative retirement ages, the possibility of unobserved heterogeneity and the absorbing state property of the retirement decision are accounted for. As it is based on a relatively simple utility...

In this paper, the impact of the West German pension system on the retirement decisions of elderly citizens is analyzed within the framework of a discrete-time hazard rate model deduced from a micro-economic decision rule. The model is estimated using a balanced panel of elderly West German...