Retirement policies are individually designed but the majority of people of retirement age live as couples. We estimate …'s unobserved heterogeneity. We conclude that the reform immediately reduced both spouses' retirement probability. The wife …'s retirement probability also drops by 1 to 4 percentage points if the husband is hit by the reform, and vice-versa. Instrumenting …

extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to … fertility decline, a retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously … reduce labor supply at the intensive margin. This backlash to retirement reform requires the statutory retirement age to …

extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to … fertility decline, a retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously … reduce labor supply at the intensive margin. This backlash to retirement reform requires the statutory retirement age to …

extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to … fertility decline, a retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously … reduce labor supply at the intensive margin. This backlash to retirement reform requires the statutory retirement age to …

increased non-contributory benefits in a quasi-universal scheme. Simulating the future pensions, I show that the average loss in …