IdEP Seminar "The Life-Cycle Effects of Pension Reforms: A Structural Approach ", Mario Padula

To assess the life-cycle welfare effects of pension reforms, we provide a dynamic stochastic model of saving, portfolio choice and retirement featuring a rich characterization of the pension system. Relying on the exogenous variation from a sequence of Italian pension reforms, we identify and estimate the model, which is then used to draw implications of alternative pension policies.