Recent advances in behavioral decision research, behavioral economics, and life-span development psychology provide leverage for expanding our understanding of the decision to retire earlier versus later. This report examines how cognitive abilities, perceptions about the future, and other psychological characteristics affect retirement decisions. We use existing and new data collected through ...

Forward guidance is widely considered a useful tool for improving monetary policy transmission. This paper introduces endogenous Delphic in which future targets are time-varying and dependent on the economy. The results show that performance of inflation-targeting forward depends partially horizon agents’ expectation, while announcing an interim output target could stimulate economy only under ...