This study identifies the causal effect of pension generosity on women's fertility behavior. It capitalizes on Brazil's expansion of the pension system to rural workers, whose pension wealth subsequently more than tripled. Event study, difference-in-differences and instrumental variable methods...

This paper examines the effect of the introduction of permanent benefit reductions for early retirees (i) on the duration until retirement entry and (ii) on the duration until exit from gainful employment. I estimate discrete time duration models using different error term specifications....

We study causal effects of two early retirement reforms. Reform 1 (NRA) increased normal retirement age stepwise from 60 to 63. Simultaneously, it became possible to use early retirement with benefit discounts. Reform 2 (ERA) increased the age of early retirement stepwise from 60 to 63. We...

Die Entwicklung der Alterssicherung in Deutschland ist eines der zentralen Themen, mit denen sich Prof. Dr. Winfried Schmähl, seit Gründung des Zentrums für Sozialpolitik Leiter der Wirtschaftswissenschaftlichen Abteilung des ZeS, in seiner wissenschaftlichen Arbeit beschäftigt hat. Zur...

Many European countries are currently transferring their pay-as-you-go public pension system to a three-pillar-system of public, occupational, and private pensions. In Germany, economists expect a pension gap for future retiree cohorts as public pensions will decrease and private old age...

Die Finanzmarktkrise von 2008 und in deren Gefolge die "Große Rezession" sowie Staatsschuldenkrisen in verschiedenen EU-Ländern haben einschneidende Reformen der Alterssicherungssysteme ausgelöst, die die Finanzierung der Renten kurz- und langfristig sicherstellen, fiskalischen...