Sergi Jiménez-Martín () (Department of Economics, Universitat Pompeu Fabra) Alfonso R Sánchez-Martín () (Department of Economics, Universidad Pablo de Olavide)
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In this paper we explore the effects of the minimum pension program on welfare and retirement in Spain. This is done with a stylized life-cycle model which provides a convenient analytical characterization of optimal behavior. We use data from the Spanish Social Security to estimate the behavioral parameters of the model and then simulate the changes induced by the minimum pension in aggregate retirement patterns. The impact is substantial: there is a threefold increase in retirement at 60 (the age of first entitlement) with respect to the economy without minimum pensions, and total early retirement (before or at 60) is almost 50% larger.
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Paper provided by Universidad Pablo de Olavide, Departamento de Economía in its series Working Papers with number
06.23.
Length: 46 pages Date of creation: Sep 2006 Date of revision: Publication status: Forthcoming in Journal of Applied Econometrics Handle: RePEc:pab:wpaper:06.23
Find related papers by JEL classification: D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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