In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of … individuals' labor supply and retirement-decisions, the results show that a decrease in the standard deviation of life …-length leads to an increase in the optimal retirement age and a decrease in the hours of work per period spent working. This result …

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change … perfect control over the individuals' labor supply and retirement-decisions, the results show that a decrease in the standard … deviation of life-length leads to an increase in the optimal retirement age and vice versa, if the preferences for “the number …

How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … public pension payments. This reform did not change the level of pensions, but only provided information to individuals about … to study this question. As of 2005 (with a phase-in period between 2002-04), the German pension administration started to …

-114] show that the optimal replacement ratio of the pay-as-you-go public pension system in the US economy amounts to 30%. We … extend their analysis to a model that 1) replicates the empirical wage heterogeneity, 2) endogenizes the individual's labor … supply decision and 3) accounts for contributions-defined pensions of the US social security system. With these more …

The specificities of the workforce with a migrant background are often neglected in studies of retirement. Similarly …, many studies of migration’s impact on pensions often focus on aggregate outcomes – system sustainability or distributive … systems – with a focus on retirement. The paper argues that such effects are non‐negligible and are likely to have major …

This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old … account system and our balance sheet for the Spanish system is also provided. The main finding is that the Spanish pension … taxpayers (the plan sponsor) should count on making transfers to the pension system with a present discounted value of 31.4 % of …

How skills acquired in vocational education and training (VET) affect wages and employment is not clear. We develop and … worker-job complementarity, we estimate how interpersonal, cognitive and manual skills map into job offers, unemployment and … wages. We find that firms value cognitive skills on average almost twice as much as interpersonal and manual skills, and …

Average wages are considerably lower in agriculture than in the other sectors. We document this fact for thirteen … for most of the wage gaps. We develop a model that rationalizes this finding and that allows us to quantify the …

Casual empiricism suggests that “unwarranted” wage changes, defined as the part of wage growth that is not explained by … that “unwarranted” wage changes have no causal effect on capital return. To this end, we show that standard theoretical … models, in which “unwarranted” wages changes and the return on capital are endogenously determined, do not necessarily …

.S. States with low minimum wages (i.e., where the federal minimum wage is binding). The results are robust to instrumenting …We exploit the non-linearity in the level of minimum wages across US States created by the coexistence of federal and … state regulations to investigate how minimum wages affect the labor market impact of immigration. We find that the effects …