Long-run consequences of informal elderly care and implications of public long-term care insurance
通过动态结构模型分析德国非正式老年照护对劳动力市场、终生收入和养老金的长期负面影响，并评估公共长期护理保险政策如何抵消个人照护成本、提升福利，尤其对低收入群体有益。
We estimate a dynamic structural model of labor supply, retirement, and informal caregiving to study short and long-term costs of informal caregiving in Germany. Incorporating labor market frictions and the German tax and benefit system, we find that in the absence of Germany's public long-term insurance scheme, informal elderly care has adverse and persistent effects on labor market outcomes and, thus, negatively affects lifetime earnings and future pension benefits. These consequences of caregiving are heterogeneous and depend on age, previous earnings, and institutional regulations. Policy simulations suggest that while public long-term care insurance policies are fiscally costly and induce negative labor market effects, they can largely offset the personal costs of caregiving and increase welfare, especially for low-income individuals.