Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications
研究了十个OECD国家的公共养老金改革，发现旨在长期可持续的结构性改革常伴随漫长过渡期；立即实施的紧缩政策使临近退休者延长工作年限，而延迟实施的改革则可能促使他们提前退出劳动力市场。
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 workforce 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 ones where citizens have lower trust in the government.