Pierre-Carl Michaud is Professor of Economics at HEC Montreal and Industrielle Alliance Research Chair on the Economic Consequences of Demographic Change (cedia.ca). He is also Director of the Retirement and Savings Institute (ire.hec.ca). He is also an adjunct economist at the RAND Corporation, Research Associate of the NBER and Fellow of CIRANO. He holds a Ph.D. in Economics from Tilburg University.

His research interest is in the study of labor supply, savings and health outcomes of households in the U.S. and Europe.

He joined IZA as a Research Affiliate in May 2003 and became a Research Fellow in July 2005.

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Publications

IZA Discussion Paper No. 9140

We estimate the effects of employer downsizing on older workers' health outcomes using different approaches to control for endogeneity and sample selection. With the exception of the instrumental variables approach, which provides large imprecise estimates, our results suggest that employer downsizing increases the probability that older workers rate their health...

IZA Discussion Paper No. 8658

In this paper, we compare individual survival curves constructed from objective (actual mortality) and elicited subjective information (probability of survival to a given target age). We develop a methodology to estimate jointly subjective and objective individual-survival curves accounting for rounding on subjective reports of perceived mortality risk. We make use...

IZA Discussion Paper No. 8587

The effect of job loss on health may play an important role in the development of the SES-health gradient. In this paper, we estimate the effect of job loss on objective measures of physiological dysregulation using longitudinal data from the Health and Retirement Study and biomarker measures collected in 2006...

IZA Discussion Paper No. 7622

We estimate a stochastic life-cycle model of endogenous health spending, asset accumulation and retirement to investigate the causes behind the increase in health spending and longevity in the U.S. over the period 1965-2005. We estimate that technological change and the increase in the generosity of health insurance on their own...

IZA Discussion Paper No. 7317

The standard model of intertemporal choice assumes risk neutrality toward the length of life: due to additivity, agents are not sensitive to a mean preserving spread in the length of life. Using a survey fielded in the RAND American Life Panel (ALP), this paper provides empirical evidence on possible deviation...

IZA Discussion Paper No. 5979

Using data from three waves of the General Social Survey on retirement and older workers (1994, 2002 and 2007), we document the evolution of retirement patterns over the last three decades. We combined the analysis of retirement ages of actual retirees with data on expected retirement ages of current workers...

IZA Discussion Paper No. 4622

We use a calibrated stochastic life-cycle model of endogenous health spending, asset accumulation and retirement to investigate the causes behind the increase in health spending and life expectancy over the period 1965-2005. We estimate that technological change along with the increase in the generosity of health insurance may explain independently...

IZA Discussion Paper No. 4367
published in: Social Science and Medicine, 2011, 73 (2), 254-63

In 1975, 50 year-old Americans could expect to live slightly longer than their European counterparts. By 2005, American life expectancy at that age has diverged substantially compared to Europe. We find that this growing longevity gap is primarily the symptom of real declines in the health of near-elderly Americans, relative...

IZA Discussion Paper No. 4366
published as 'The Fiscal Effects of Trends in Public Health' in: National Tax Journal, 2010, 63 (2), 307-324,

The public economic burden of shifting trends in population health remains uncertain. Sustained increases in obesity, diabetes, and other diseases could reduce life expectancy − with a concomitant decrease in the public-sector's annuity burden − but these savings may be offset by worsening functional status, which increases health care spending,...

IZA Discussion Paper No. 3853
revised version published in: Journal of Applied Econometrics, 2011, 26 (4), 641 - 668

We investigate the direct and long-run effects of fertility on employment in Europe estimating dynamic models of labor supply under different assumptions regarding the exogeneity of fertility and modeling assumptions related to initial conditions, unobserved heterogeneity and serial correlation in the error terms. We find overall large direct and long-run...

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