Zoe Oldfield

Cognitive Function, Numeracy and Retirement Saving Trajectories*

This paper examines the extent to which cognitive abilities relate to differences in trajectories for key economic outcomes as individuals move towards and through their retirement. We look at whether differences in baseline numeracy (measured in the English Longitudinal Study of Ageing in 2002) and broader cognitive ability predict the subsequent trajectories of outcomes such as wealth, retirement income and key dimensions of retirement expectations. Those with lower numeracy are shown to have different wealth trajectories both pre- and post-retirement than their more numerate counterparts, but the distributions of retirement expectations and net replacement rates are similar across numeracy groups.

House Price Volatility and the Housing Ladder

This paper investigates the effects of housing price risk on housing choices over the life-cycle. Housing price risk can be substantial but, unlike other risky assets which people can avoid, the fact that most people will eventually own their home creates an insurance demand for housing assets early in life. Our contribution is to focus on the importance of home ownership and housing wealth as a hedge against future house price risk for individuals moving up the ladder – people living in places with higher housing price risk should own their first home at a younger age, should live in larger homes, and should be less likely to refinance. These predictions are tested and shown to hold using panel data from the United States and Great Britain.

Housing Mobility and Downsizing at Older Ages in Britain and the USA

This paper examines geographic mobility and housing downsizing at older ages in Britain and America. Americans downsize housing much more than the British largely because Americans are much more mobile. The principal reasons for greater mobility among older Americans are two fold: (1) greater spatial distribution of geographic distribution of amenities (such as warm weather) and housing costs and (2) greater institutional rigidities in subsidized British rental housing providing stronger incentives for British renters not to move. This relatively flat British housing consumption with age may have significant implications for the form and amount of consumption smoothing at older ages.

Childhood Health and Differences in Late-Life Health Outcomes between England and the United States

In this paper we examine the link between retrospectively reported measures of childhood health and the prevalence of various major and minor diseases at older ages. Our analysis is based on comparable retrospective questionnaires placed in the Health and Retirement Study and the English Longitudinal Study of Ageing - nationally representative surveys of the age 50 plus population in America and England respectively. We show that the origins of poorer adult health among older Americans compared to the English trace right back into the childhood years - the American middle and old-age population report higher rates of specific childhood health conditions than their English counterparts. The transmission into poor health in mid life and older ages of these higher rates of childhood illnesses also appears to be higher in America compared to England. Both factors contribute to higher rates of adult illness in the United States compared to England although even in combination they do not explain the full extent of the country difference in late-life health outcomes.

Housing Mobility and Downsizing at Older Ages in Britain and the United States

This paper examines geographic mobility and housing downsizing at older ages in Britain and America. Americans downsize housing much more than the British largely because Americans are much more mobile. The principal reasons for greater mobility among older Americans are two fold: (1) greater spatial distribution of geographic distribution of amenities (such as warm weather) and housing costs and (2) greater institutional rigidities in subsidized British rental housing providing stronger incentives for British renters not to move. This relatively flat British housing consumption with age may have significant implications for the form and amount of consumption smoothing at older ages.

Housing Mobility and Downsizing at Older Ages in Britain and the USA: Housing mobility and downsizing at older ages

This paper examines geographic mobility and housing downsizing at older ages in Britain and America. Americans downsize housing much more than the British largely because Americans are much more mobile. The principal reasons for greater mobility among older Americans are two fold: (1) greater spatial distribution of geographic distribution of amenities (such as warm weather) and housing costs and (2) greater institutional rigidities in subsidized British rental housing providing stronger incentives for British renters not to move. This relatively flat British housing consumption with age may have significant implications for the form and amount of consumption smoothing at older ages.

The IFS Green Budget 2004

This chapter begins with a discussion of four issues in company taxation. First, we assess the recent government consultation document on reform to corporation tax, which looks at possible changes to the rules for calculating taxable income. (This follows a series of reforms to the taxation of corporate profits since 1997, which are discussed in Chapter 9.) In Section 6.2, we look at the taxation of dividends, in the light of the changes to the UK tax system since 1997 and recent proposals for reform in the USA. In Section 6.3, we assess the structure of North Sea taxation following the changes announced in Budget 2002 and in the 2002 Pre-Budget Report. Then, in Section 6.4, we consider an issue that is not on the government’s immediate agenda, but one where there might be a case for reform – stamp duty on share transactions. The chapter also looks at innovation policy, following the 2002 Pre-Budget Report announcement of a review into the interaction between universities and business, which will report at the same time as a separate review of the UK’s innovation performance. In the final section of the chapter, we examine trends in UK research and development (RD) activity and consider current policy towards innovation, including the two new RD tax credits.