【讲座时间】：5月17日（周五）上午9:00-10:30
【讲座地点】：北京大学经济学院，305会议室
【讲座标题】：Do Elderly Individuals Delay Claiming Social Security and Cash-out Home Equity When House Prices Appreciate?
【摘要】：This paper examines the extent to which changes in house prices affect when eligible individuals start receiving Social Security retirement income. When a household starts to receive Social Security is important because the timing of the claiming decision affects the monthly benefits. We argue in a conceptual setting that, if house prices increase, financially constrained households may draw upon the additional home equity to finance expenses and delay receipt of Social Security to receive the larger monthly benefits. Since changes in house prices and the claiming of Social Security are likely to be correlated with unobserved local demand shocks, we employ an instrumental variables strategy. Our instrument for the change in house prices is the land supply elasticity of an MSA interacted with changes in the national house price index. Using restricted data from the Health and Retirement Survey, we find that the elderly delay Social Security claiming when house prices increase during a boom period, but not during a bust. Our findings also suggest that financially constrained households are more likely to delay claiming Social Security if house prices appreciate and they do so by remaining in their current residences but increasing the amount of their home loans.
【主讲人】：黄娜群（助理教授）
【主讲人简介】：黄娜群，南京审计大学城市发展研究院助理教授，新加坡管理大学经济学博士。主要研究领域为房地产经济学和城市经济学。
