About

Steven Allen is a Professor of Economics at NC State University and serves as Dean's Unit in the Department of Economics within the Poole College of Management. He earned his Ph.D. in Economics from Harvard University in 1978. His areas of expertise include Labor Economics, Macroeconomics, and Collective Bargaining. Professor Allen has contributed to the academic field through numerous publications, including articles on older workers, retirement planning, financial literacy, and retirement security. He has been actively involved in discussions on economic issues such as minimum wage, global oil prices, and the economic impact of the COVID-19 pandemic. Additionally, he has reflected on his career at Poole College and has been featured in media outlets discussing economic topics relevant to North Carolina and the broader economy.

Research topics

• Political Science
• Psychiatry
• Business
• Engineering
• Labour economics
• Economic growth
• Management
• Medicine
• Economics
• Physical therapy
• Psychology
• Demographic economics
• Intensive care medicine

Selected publications

• Forever young: where older workers keep on working

  Journal of Pensions Economics and Finance · 2023-02-23 · 4 citations

  articleOpen access1st authorCorresponding

  Abstract This paper examines inter-industry patterns of the employment of older workers over the last 20 years to understand where employment opportunities have grown the most. The underlying premise is that firms strategically align their age mix depending on production function and labor cost parameters. The industries that had the largest increases in the percentage of older workers were those that had the broadest pension coverage and those that made the greatest use of high-tech capital. There also is evidence in 2001–07 that the percentage of older workers increased more in the industries most exposed to increased Chinese imports.

  PublisherOA PDFDOI

• Demand for older workers: What do we know? What do we need to learn?

  The Journal of the Economics of Ageing · 2022 · 45 citations

  1st authorCorresponding
  • Demographic economics
  • Labour economics
  • Economics
  PublisherDOI

• Demand for Older Workers: What Do We Know? What Do We Need to Learn?

  SSRN Electronic Journal · 2022-01-01 · 4 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• Should intramuscular clozapine be adopted into mainstream clinical practice?

  The British Journal of Psychiatry · 2021 · 5 citations

  Senior authorCorresponding
  • Political Science
  • Medicine
  • Intensive care medicine

  Clozapine is under-used in the UK, and Casetta et al's recent paper in the BJPsych adds to a growing number of small studies that support the use of intramuscular clozapine to initiate and maintain treatment with oral clozapine. However, intramuscular clozapine remains unlicensed and, because of the risks associated with its administration, it should be used only cautiously before it can be adopted more widely into mainstream clinical practice.

  PublisherOA PDFDOI

• Demand for Older Workers: What Do Economists Think? What Are Firms Doing?

  National Bureau of Economic Research · 2019-12-01 · 16 citations

  report1st authorCorresponding

  The employment rate for workers 55 and over has been increasing across the world for the last decade.This creates opportunities for employers to diversify their workforce and retain valuable knowledge and skills, while at the same time posing the challenge of rising labor costs and blocked opportunities for younger workers.This study summarizes in layperson's terms the economic tradeoffs facing organizations as they design the optimal age structure of employees, as well as surveying recent research on how older workers fit into organizations.Empirical studies show that whereas wage and benefit costs increase with age, there is no conclusive evidence that productivity increases as well.Studies using macroeconomic data find no evidence that older workers block opportunities for the young, but two recent papers using a more disaggregated approach show that firms treat older and younger workers as substitutes.A key challenge facing older workers is the decline over the last 20 years in the odds of becoming a new hire.Although the turnover rate for older workers is much lower than for other age groups, employers have concerns about accommodating their work environment and work schedule preferences.Resume studies show age discrimination also plays a factor, especially for women.The paper concludes with suggestions for future research, including interindustry and international comparisons of microeconomic data on employment by age group and studies that take a close look within organizations that have engaged in innovative activities to hire or retain more older workers.

  PublisherDOI

• Demand for Older Workers: What Do Economists Think? What are Firms Doing?

  SSRN Electronic Journal · 2019-12-01

  articleOpen access1st authorCorresponding

  The employment rate for workers 55 and over has been increasing across the world for the last decade. This creates opportunities for employers to diversify their workforce and retain valuable knowledge and skills, while at the same time posing the challenge of rising labor costs and blocked opportunities for younger workers. This study summarizes in layperson’s terms the economic tradeoffs facing organizations as they design the optimal age structure of employees, as well as surveying recent research on how older workers fit into organizations. Empirical studies show that whereas wage and benefit costs increase with age, there is no conclusive evidence that productivity increases as well. Studies using macroeconomic data find no evidence that older workers block opportunities for the young, but two recent papers using a more disaggregated approach show that firms treat older and younger workers as substitutes. A key challenge facing older workers is the decline over the last 20 years in the odds of becoming a new hire. Although the turnover rate for older workers is much lower than for other age groups, employers have concerns about accommodating their work environment and work schedule preferences. Resume studies show age discrimination also plays a factor, especially for women. The paper concludes with suggestions for future research, including interindustry and international comparisons of microeconomic data on employment by age group and studies that take a close look within organizations that have engaged in innovative activities to hire or retain more older workers.

  Publisher

• Golden Years or Financial Fears? <i>How Plans Change after Retirement Seminars</i>

  The Journal of Retirement · 2015-01-31 · 11 citations

  article1st authorCorresponding

  Many organizations provide retirement planning seminars as a benefit to their employees, to help them make moreinformed retirement plans. This study examines 85 preretirement planning seminars conducted by five companies in 2008 and 2009 to determine whether participants improved their financial knowledge and learned important facts about retirement programs—and whether, on the basis of this potential change in knowledge, they adjusted their retirement plans. Using surveys conducted before and after the seminars, we find that financial literacy and knowledge of retirement program parameters were significantly higher after the seminar. Employees with the largest increases in knowledge were most likely to change their planned retirement age and planned age of claiming Social Security benefits. <b>TOPICS:</b>Retirement, legal/regulatory/public policy, social security

  PublisherDOI

• Golden Years or Financial Fears? Decision Making After Retirement Seminars

  National Bureau of Economic Research · 2013-07-01 · 1 citations

  articleOpen access1st authorCorresponding

  Many organizations provide retirement planning seminars to their employees as a benefit to help them make better informed retirement decisions. This study examines the participants in 85 seminars conducted by five companies in 2008 and 2009 to determine how much learning takes place and whether employees adjust retirement plans. Using surveys conducted before and after the seminars, we find that financial literacy and knowledge of retirement program parameters are significantly higher after the seminar. Employees with the largest increases in knowledge were most likely to change their planned retirement age and planned age of claiming Social Security benefits.

  PublisherOA PDFDOI

• Effectiveness of Employer-Provided Financial Information: Hiring to Retiring

  American Economic Review · 2012-05-01 · 84 citations

  articleSenior author

  Workers plan and save for retirement throughout their careers. Individuals must navigate complex financial instruments and understand public and employer-provided retirement plan characteristics. Beginning when a worker is first hired, most employers provide the option to contribute to retirement saving plans. As workers near retirement, they face many choices that have considerable consequences for their retirement income security. At these two important periods, employers can provide timely information assisting workers in making choices that optimize lifetime wellbeing. Our research, conducted in cooperation with several large employers, illustrates the importance of employer-provided education in increasing worker understanding of several retirement-related issues.

  PublisherDOI

• THE ROLE OF FINANCIAL LITERACY IN DETERMINING RETIREMENT PLANS

  Economic Inquiry · 2011-06-28 · 83 citations

  articleSenior authorCorresponding

  Workers nearing retirement face many important, and often irreversible, choices. We collected detailed demographic and financial literacy data on over 1,500 workers nearing retirement at three large companies to assess how individuals are planning for retirement. Many respondents display limited knowledge and understanding of public and company‐provided retirement benefits. Controlling for basic demographics and wealth, we find that misconceptions about eligibility ages and plan generosity influence workers' expected age of retirement. Although retirement‐related decisions will affect workers' well‐being for the remainder of their lifetimes, many do not possess enough basic financial knowledge to confidently make optimal choices . ( JEL J26, J320, J240)

  PublisherDOI

Frequent coauthors

• Robert L. Clark

  59 shared

• Melinda Sandler Morrill

  North Carolina State University

  30 shared

• Ann A. McDermed

  North Carolina State University

  18 shared

• Jennifer Maki

  13 shared

• Adriana Cassoni

  Universidad ORT Uruguay

  12 shared

• Gastón J. Labadie

  Radboud University Medical Center

  10 shared

• Robert L. Clark

  University of Oxford

  9 shared

• Linda S. Ghent

  7 shared

Education

• PhD, Economics

  Harvard University