The link between pensions and retirement timing: Lessons from California teachers

• 成果类型: Article
• 署名作者: Brown, Kristine M.
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2012.10.007
• 发表日期: 2013
• 页码: 1-14
• 关键词: Pension reform; retirement; teacher labor supply

摘要

I exploit a major, unanticipated reform of the California teachers' pension to provide quasi-experimental evidence on the link between pension features and retirement timing. Using two large administrative data sets, I conduct a reduced-form analysis that leverages the nonlinearities in the return to work generated by the pension features and the reform-induced shifts of these nonlinearities for identification. The implied estimates of the elasticity of lifetime labor supply with respect to the return to work are centered around 0.04 in the medium-run and are less than 0.1 in the long-run. (C) 2012 Elsevier B.V. All rights reserved.