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Workforce Aging, Pension Reforms, and Firm Outcomes

Francesca Carta, Francesco D'Amuri and Till von Wachter ()

No 28407, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper quantifies the effect of a policy-induced sharp increase in retirement ages on input mix and economic outcomes of firms using Italian matched worker-firm data. Data on lifetime pension contributions are used to calculate the expected additional number of older workers employed by each firm due to the reform. Resulting instrumental variable estimates show an increase in older workers leads to a precisely estimated rise in employment of younger workers, value added, and total labor costs at constant labor productivity and unit labor costs. The findings suggest rising institutional retirement ages can help firms to retain valuable older employees.

JEL-codes: H55 J23 J26 (search for similar items in EconPapers)
Date: 2021-01
New Economics Papers: this item is included in nep-age, nep-dem, nep-eur and nep-lma
Note: AG LS
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