Persistent unemployment after recessions and the policies required to bring it down are the subject of an ongoing debate. One view suggests there are fundamental changes in the labor market that imply a long-term higher rate of unemployment, requiring the implementation of structural policy...

The chapter presents some basic facts on retirement patterns and examines some reasons for the changes in behavior over time and differences across groups. Retirement is an important phenomenon in life-cycle labor supply. Not only does it mean a complete withdrawal from the labor force, but it...