| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16420 |
| DP16420 Retirement Consumption and Pension Design | |
| Camille Landais; Jonas Kolsrud; Daniel Reck; Johannes Spinnewijn | |
| 发表日期 | 2021-08-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper develops and implements a framework that leverages consumption data to evaluate the welfare effects of pension reforms. Several countries have reformed their pension profiles to incentivize later retirement. Using administrative data in Sweden, we find that such pension reforms entail substantial consumption smoothing costs. On average, individuals retiring later have higher consumption levels than those retiring earlier, implying that recent pension reforms redistributed from low- to high-consumption households. We show that the differences in retirement consumption are mostly driven by differential changes in consumption around retirement, and also that the marginal propensities to consume are the lowest for late retirees. Accounting for selection on health and life expectancy further increases the redistributive cost of recent reforms. The cost of incentivizing later retirement is, however, lowest between the early and normal retirement age, where we document a striking non-monotonicity in consumption levels. We find similar patterns in consumption data from other countries, including the nonmonotonicity, suggesting our findings are not unique to Sweden. |
| 主题 | Labour Economics ; Public Economics |
| URL | https://cepr.org/publications/dp16420 |
| 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/545382 |
| 推荐引用方式 GB/T 7714 | Camille Landais,Jonas Kolsrud,Daniel Reck,et al. DP16420 Retirement Consumption and Pension Design. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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