We study causal effects of two early retirement reforms. Reform 1 (NRA) increased normal retirement age stepwise from … 60 to 63. Simultaneously, it became possible to use early retirement with benefit discounts. Reform 2 (ERA) increased the … with low pension wealth and those who were affected immediately by the reform responded more strongly. …

, this study exploits a large and unanticipated parental leave reform in Germany as a natural experiment. By replacing a … means-tested by an earnings-related system the reform affected different groups of families to a variable extent. I detect … benefit amount compared to the pre-reform situation. 2-3-year-old children belonging to the reform's winners, however, improve …