Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications / Huixin Bi, Sarah Zubairy.

Format:

Book

Author/Creator:

Bi, Huixin.

Contributor:

National Bureau of Economic Research.

Zubairy, Sarah.

Series:

Working Paper Series (National Bureau of Economic Research) no. w30164.

NBER working paper series no. w30164

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2022.

Summary:

We construct a database of public pension policy changes with motivation and implementation information for ten OECD countries. Structural pension reforms, motivated by long-run sustainability concerns, often come with prolonged phase-in periods. In response to pension retrenchments implemented immediately, people close to retirement stay in the work force longer. News about future pension retrenchments with implementation lags, however, is likely to lead this group to exit the labor market. This decline in the labor force participation rate is particularly strong for reforms with long lags, ones that introduce fundamental policy changes, and where citizens have lower trust in the government.

Notes:

Print version record

June 2022.