provide a novel empirical test of human capital theory. Using a sizable pension reform which shifts the retirement age between …

and weekly earnings, employment, unemployment and full-time work. The study finds that university degrees provide …

. This paper takes the perspective of the three demographically oldest European nations - France, Germany and Italy - to …, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that endogenous human capital … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in …

in an extension of the model with regard to endogenous retirement. …