Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications

• 成果类型: Article
• 署名作者: Bi, Huixin; Zubairy, Sarah
• 署名单位: Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20200881
• 发表日期: 2023
• 页码: 142-182
• 关键词: social-security; Policy Uncertainty; LABOR; shocks; incentives; responses; cost

摘要

We construct a database of public pension policy changes with motiStructural pension reforms, motivated by long-run sustainability concerns, often come with prolonged phase-in periods. In response retirement stay in the workforce 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 ones where J22, J26)