quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions … (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy …

quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions … (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy …

introduce alternative pension systems and compare the costs arising from liquidity constraints as well as labor and savings …

introduce alternative pension systems and compare the costs arising from liquidity constraints as well as labor and savings …

efficiency instead of long-run welfare, since the latter approach understates the dramatic savings distortions arising from means …