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.
Length: 37 pages Date of creation: 20 Apr 2006 Date of revision: Handle: RePEc:cfs:cfswop:wp200610
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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
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Bernheim, B. Douglas, 2002.
"Taxation and saving,"
Handbook of Public Economics,
in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 18, pages 1173-1249
Elsevier.
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