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

Huixin Bi and Sarah Zubairy

No 30164, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: E62 H30 H55 (search for similar items in EconPapers)
Date: 2022-06
New Economics Papers: this item is included in nep-age and nep-mac
Note: ME
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Published as Huixin Bi & Sarah Zubairy, 2023. "Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications," American Economic Journal: Economic Policy, vol 15(4), pages 142-182.

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Journal Article: Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications (2023)
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