| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10680 |
| DP10680 The Consumption and Wealth Effects of an Unanticipated Change in Lifetime Resources | |
| Tullio Jappelli; Mario Padula | |
| 发表日期 | 2015-06-28 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In 2000 Italy replaced its traditional system of severance pay for public employees with a new system. Under the old regime, severance pay was proportional to the final salary before retirement; under the new regime it is proportional to lifetime earnings. This reform entails substantial losses for future generations of public employees, in the range of ?20,000-30,000, depending on seniority. Using a difference-in-difference framework, we estimate the impact of this unanticipated change in lifetime resources, on the current consumption and wealth accumulation of employees affected by the reform. In line with theoretical simulations, we find that each euro reduction in severance pay reduces the average propensity to consume by 3 cents and increases the wealth-income ratio by 0.32. The response is stronger for younger workers and for households where both spouses are public sector employees. |
| 主题 | Labour Economics |
| 关键词 | Consumption Income shock Severance pay Wealth accumulation |
| URL | https://cepr.org/publications/dp10680 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539512 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Mario Padula. DP10680 The Consumption and Wealth Effects of an Unanticipated Change in Lifetime Resources. 2015. |
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