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Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications

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Listed:
  • Huixin Bi
  • Sarah Zubairy

Abstract

We construct a database of public pension policy changes with motivation and implementation information for ten OECD countries. Structural pension reforms, motivated by long-run sustainability concerns, often come with prolonged phase-in periods. In response to pension retrenchments implemented immediately, people close to retirement stay in the work force longer. News about future pension retrenchments with implementation lags, however, is likely to lead this group to exit the labor market. This decline in the labor force participation rate is particularly strong for reforms with long lags, ones that introduce fundamental policy changes, and where citizens have lower trust in the government.

Suggested Citation

  • Huixin Bi & Sarah Zubairy, 2022. "Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications," NBER Working Papers 30164, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30164
    Note: ME
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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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