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- W2108120909 abstract "What is the macroeconomic impact of announcing a pension system reform in advance? The Italian reform in 1992 represents an illustrative case to address this question. Using an overlapping-generations model, we simulate the pre-announcement of five-year increase in the retirement eligibility age within 1992 Italian pension system. The simulation results show that the transition would be characterized by a drop in the employment rate of workers ages 55 and older explaining 77 percent of the actual drop. They also predict an 8 percent increase in pensions' expenditure and explain 83 percent of the actual increase. Finally, the welfare analysis highlights a loss for almost all the transitional generations." @default.
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- W2108120909 date "2006-01-01" @default.
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- W2108120909 title "Early Announcement of a Public Pension Reform in Italy" @default.
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