Renata Bottazzi (University College London and IFS) Tullio Jappelli (University of Salerno, CSEF, and CEPR) Mario Padula (University of Salerno and CSEF)
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We estimate the effect of pension reforms on households’ expectations of retirement outcomes and private wealth accumulation decisions exploiting a decade of intense Italian pension reforms as a source of exogenous variation in expected pension wealth. The Survey of Household Income and Wealth, a large random sample of the Italian population, elicits expectations of the age at which workers expect to retire and of the ratio of pension benefits to pre-retirement income between 1989 and 2002. We find that workers have revised expectations in the direction suggested by the reform and that there is substantial offset between private wealth and perceived pension wealth, particularly by workers that are better informed about their pension wealth.
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Paper provided by Center for Financial Studies in its series CFS Working Paper Series with number
2006/10.
Find related papers by JEL classification: E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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NBER Working Papers
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[Downloadable!] (restricted)
Other versions:
B. Douglas Bernheim, 1999.
"Taxation and Saving,"
Working Papers
99007, Stanford University, Department of Economics.
[Downloadable!]
Bernheim, B. Douglas, 2002.
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[Downloadable!] (restricted)