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Date
2020-10Type
- Working Paper
ETH Bibliography
yes
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Abstract
To assess the life-cycle welfare effects of pension reforms, we provide a dynamic stochastic model of saving, portfolio choice and retirement with a pension system that operates according to the notional defined contribution principle. Relying on the exogenous variation from a sequence of Italian pension reforms, we identify and estimate the model, which is then used to draw implications of alternative pension policies. Our results also shed further light on the mechanisms behind the offset between social security and private wealth and show the importance of labor supply at retirement as an insurance mechanism against shocks to pension wealth. Show more
Publication status
publishedExternal links
Journal / series
CSEF Working PapersVolume
Publisher
Centre for Studies in Economics and Finance (CSEF), University of NaplesSubject
Pension reforms; Life-Cycle; Savings; Portfolio choice; RetirementOrganisational unit
03877 - Bommier, Antoine / Bommier, Antoine
Related publications and datasets
Is previous version of: http://hdl.handle.net/20.500.11850/635027
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ETH Bibliography
yes
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