In a two-period model with agent heterogeneity we analyze a pension reform toward a stronger link between contributions and benefits (as recently observed in several countries) in a pension system with a Bismarckian and a Beveridgian component. We show that such a policy change reduces the...

There is a widely held belief that older students, by virtue of being more mature and readier to learn at school entry, may have better academic, employment, and earnings outcomes compared to their younger counterparts. There are understated, albeit important, costs to starting school later,...

This paper analyses the effects of maternal school starting age and maternal age-at-birth on children's short and long-term outcomes using Finnish register data. We exploit a school-starting-age rule for identification. Mothers who are born after the school entry cut-off give birth at higher...