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Pension reform and labor market incentives

Walter H. Fisher & Christian Keuschnigg

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abstract This paper investigates how parametric reform in a pay-as-you-go pension system with a tax benefit link affects retirement incentives and work incentives of prime-age workers. We find that postponed retirement tends to harm incentives of prime-age workers in the presence of a tax benefit link, thereby creating a policy trade-off in stimulating aggregate labor supply. We show how several popular reform scenarios are geared either towards young or old workers, or, indeed, both groups under appropriate conditions. We also provide a sharp characterization of the excess burden of pension insurance and show how it depends on the behavioral supply elasticities on the extensive and intensive margins and the effective tax rates implicit in contribution rates.
   
type journal paper
   
keywords Pension reform, retirement, hours worked, tax benefit link, actuarial adjustment, excess burden
   
language English
kind of paper journal article
date of appearance 3-2010
journal Journal of Population Economics
publisher Springer (Berlin Heidelberg)
ISSN 0933-1433
ISSN (online) 1432-1475
DOI 10.1007/s00148-008-0227-2
volume of journal 23
number of issue 2
page(s) 769-803
review not reviewed
   
citation Fisher, W. H., & Keuschnigg, C. (2010). Pension reform and labor market incentives. Journal of Population Economics, 23(2), 769-803, DOI:10.1007/s00148-008-0227-2.