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on Economics of Ageing |
| By: | Najat El Mekkaoui (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Bérangère Legendre (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc) |
| Abstract: | Many pension reforms in OECD countries included pension statements with the objective of improving individuals' financial security in retirement. Our objective is to assess the effectiveness of the pension information policy implemented in France and to investigate whether the pension statement results in better informed workers, who then increase their retirement savings. Using regression discontinuity designs combined with quantile regressions, we assess whether the changes in retirement savings and holding of assets are due to the pension information system and then quantify the impact. We conclude that a pension estimate sent to workers encourages the wealthiest to increase their retirement savings while it does not influence the savings of individuals with a low level of wealth. |
| Keywords: | pension statements,savings for retirement,financial literacy,quantile regressions |
| Date: | 2022–03–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03877170&r=age |
| By: | Eve Caroli (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique, IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics); Catherine Pollak (DREES - Centre de Recherche du DREES - Ministère de l'Emploi et de la Solidarité, LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Muriel Roger (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po) |
| Abstract: | Using the differentiated increase in retirement age across cohorts introduced by the 2010 French pension reform, we estimate the health-consumption effects of a 4-month increase in retirement age. We focus on individuals who were close to retirement age but not retired yet by the time the reform was passed. Using administrative data on individual sick-leave claims and nonhospital health-care expenses, we show that the probability of having at least one sickness absence increases for all treated groups, while the duration of sick leaves remains unchanged. Delaying retirement does not increase the probability of seeing a GP, except for men in the younger cohorts. In contrast, it raises the probability of having a visit with a specialist physician for all individuals, except men in the older cohorts. Delaying retirement also increases the probability of seeing a physiotherapist among women from the older cohorts. Overall, it increases health expense claims, in particular in the lower part of the expenditure distribution. |
| Keywords: | pension reform, retirement age, health, health-care consumption |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:halshs-03815505&r=age |
| By: | Becker, Sebastian (DIW Berlin); Buslei, Hermann (DIW Berlin); Geyer, Johannes (DIW Berlin); Haan, Peter (DIW Berlin) |
| Abstract: | This study provides novel evidence about the pension wealth elasticity of employment. For the identification we exploit reform-induced variation of pension wealth that is related to the number of children but which does not affect the implicit tax rate of employment. We use a difference-in-differences estimator based on administrative data from the German pension insurance and find that, on average, the negative employment effect of pension wealth is significant and economically important. Heterogeneity analyses document a strong age pattern showing that the employment effects are driven by behavioral responses of women close to retirement. The age pattern is partly explained by the positive effect of pension wealth on disability pensions after the age of 60. |
| Keywords: | pension reform, pension wealth elasticity, female labour supply, retirement, differences in differences |
| JEL: | H55 J13 J21 J26 |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15836&r=age |
| By: | Denis Fougère (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po, CEPR - Center for Economic Policy Research - CEPR, IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Pierre Gouëdard (OCDE - Organisation de Coopération et de Développement Economiques = Organisation for Economic Co-operation and Development, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po) |
| Abstract: | Using a sample of 12, 463 high-school teachers, we evaluate the impact of the 2003 reform of the French national pension scheme. Considering the progressive implementation of the reform, we cannot use a reduced-form approach. Consequently, we estimate an option value modelà la Stock and Wise (Econometrica, 1990). Structural estimates suggest that teachers are slightly risk averse, that their quarterly discount factor is close to unity and that their preference for leisure is comparable to the one found by Stock and Wise (1990). Simulations imply that teachers respond significantly to monetary incentives offered to those who continue working after the legal retirement age. Our partial effectiveness analysis shows that the reform has progressively increased the average retirement age up to 61. This shift in the retirement age distribution should have resulted in year 2010 in a 6.37% decrease of public spendings associated with high-school teachers' pensions (except income taxes and other types of expenses, such as those relating to health, social security and widowhood). |
| Keywords: | option value model, pension reform, structural evaluation |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03465859&r=age |
| By: | Gérard-François Dumont (ENeC - Espaces, Nature et Culture - UP4 - Université Paris-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | [With a particularly low employment rate for seniors, i.e., people in the 55-64 age bracket, which is significantly lower than the average for European Union countries, France stands out. Is this singularity an asset or a handicap? Some people believe that half of the older population, precisely those aged 60-64, should not be working and that there is therefore no reason to think about improving their employability. But it is not forbidden to ask whether this low employment rate does not have its drawbacks. And, if so, it is appropriate to make proposals for improving the employability of older people.] |
| Abstract: | Avec un taux d'emploi des seniors, c'est-à-dire des personnes situées dans la tranche d'âge 55-64 ans, particulièrement bas, nettement inférieur à la moyenne des pays de l'Union européenne, la France se singularise. Cette singularité est-elle un atout ou un handicap ? Certains considèrent en effet que la moitié des seniors, précisément les 60-64 ans, ne doivent pas travailler et donc qu'il n'y a aucune raison de songer à améliorer leur employabilité. Mais il n'est pas interdit de se demander si ce faible taux d'emploi n'a pas des inconvénients. Et, si c'est ce cas, il convient d'énoncer des propositions pour améliorer l'employabilité des seniors. |
| Keywords: | retirement, employment, France, seniors, employment of seniors, work, em-ployment rate, demography, economy, population, mortality, life expectancy, depen-dent, ac-tives, aging, retraite, emploi, emploi des seniors, travail, taux d’emploi, démographie, économie, mortalité, espérance de vie, dépendante, ac-tifs, vieillissement |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03885895&r=age |
| By: | Becker, Sebastian (DIW Berlin and FU Berlin); Buslei, Hermann (DIW Berlin); Geyer, Johannes (DIW Berlin); Haan, Peter (DIW Berlin and FU Berlin) |
| Abstract: | This study provides novel evidence about the pension wealth elasticity of employment. For the identification we exploit reform-induced variation of pension wealth that is related to the number of children but which does not affect the implicit tax rate of employment. We use a difference-in-differences estimator based on administrative data from the German pension insurance and find that, on average, the negative employment effect of pension wealth is significant and economically important. Heterogeneity analyses document a strong age pattern showing that the employment effects are driven by behavioral responses of women close to retirement. The age pattern is partly explained by the positive effect of pension wealth on disability pensions after the age of 60. |
| Keywords: | pension reform; pension wealth elasticity; female labour supply; retirement; difference in differences; |
| JEL: | H55 J13 J21 J26 |
| Date: | 2022–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:363&r=age |
| By: | Bando, Rosangela; Galiani, Sebastián; Gertler, Paul |
| Abstract: | Public expenditures on non-contributory pensions are equivalent to at least 1 percent of GDP in several countries in Latin America and is expected to increase. We explore the effect of non-contributory pensions on the well-being of the beneficiary population by studying the "Pensiones Alimentarias" program established by law in Paraguay, which targets older adults living in poverty. Households with a beneficiary increased their level of consumption by 44 percent. The program improved subjective well-being in 0.48 standard deviations. These effects are consistent with the findings of Bando, Galiani and Gertler (2020) and Galiani, Gertler and Bando (2016) in their studies on the non-contributory pension schemes in Peru and Mexico. Thus, we conclude that the effects of non-contributory pensions on well-being in Paraguay are comparable to those found for Peru and Mexico and add to the construction of external validity. |
| Keywords: | Poverty;Non-contributory pensions;Mental health;Well-being |
| JEL: | I1 I3 H3 H4 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:11095&r=age |
| By: | Thomas Rapp (LIRAES (URP_ 4470) - Laboratoire Interdisciplinaire de Recherche Appliquée en Economie de la Santé - UPCité - Université Paris Cité, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po); Jerome Ronchetti (UJML - Université Jean Moulin - Lyon 3 - Université de Lyon); Jonathan Sicsic (LIRAES (URP_ 4470) - Laboratoire Interdisciplinaire de Recherche Appliquée en Economie de la Santé - UPCité - Université Paris Cité) |
| Abstract: | Long-term care (LTC) jobs are key to promote health aging policies. LTC workers usually are nurses and personal care workers providing care at home or in residencies. LTC workers often declare facing greater mental and physical health issues compared to other workers. Using German panel data, we estimate the impact of LTC jobs on health. Our results suggest that LTC workers tend to report a lower health compared to other workers. Following prior OECD work, we recommend to improve the working conditions in the sector. |
| Abstract: | Les métiers du grand âge sont au cœur des politiques du bien-vieillir des pays Européens. Les travailleurs du secteur apportent des soins en établissement et au domicile des personnes. Ces métiers sont pénibles et ont souvent un impact négatif sur la santé (fonctionnelle et mentale) des travailleurs. Si cet effet délétère des métiers du grand âge est souvent cité comme un frein à la rétention des travailleurs dans le secteur, il est encore mal documenté. Nous montrons à partir de données allemandes qu'il est comparable à 9 mois de vieillissement pour les travailleurs qui rejoignent le secteur. Dans le prolongement des travaux de l'OCDE, nous recommandons la mise en œuvre des politiques de bien-être au travail dans le secteur. |
| Keywords: | grand-âge, Santé, travail |
| Date: | 2021–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03464320&r=age |
| By: | Zsófia L. Bárány (CEU - Central European University [Budapest, Hongrie], CEPR - Center for Economic Policy Research - CEPR); Nicolas Coeurdacier (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research - CEPR); Stéphane Guibaud (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We investigate the importance of worldwide demographic evolutions in shaping capital flows across countries. Our lifecycle model incorporates crosscountry differences in fertility and longevity as well as differences in countries' ability to borrow inter-temporally and across generations through social security. In this environment, global aging triggers uphill capital flows from emerging to advanced economies, while country-specific demographic evolutions reallocate capital towards countries aging more slowly. Our quantitative multi-country overlapping generations model explains a large fraction of long-term capital flows across advanced and emerging countries. |
| Keywords: | Aging, Household Saving, International Capital Flows |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03803869&r=age |
| By: | Hélène Périvier (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Muriel Pucci (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po) |
| Abstract: | Aujourd'hui on compte plus 1, 45 million de foyers monoparentaux (hors résidence alternée), soit plus de 21 % des familles comprenant des enfants mineurs. Parmi ces parents isolés, environ la moitié ne peut pas compter sur le soutien d'un ex-conjoint pour assumer les charges d'éducation et d'entretien des enfants dont ils ont la charge ; un tiers perçoit une pension alimentaire (contribution à l'entretien et l'éducation des enfants, CEEE) et un quart ne perçoit pas la pension alimentaire due par l'ex-conjoint. Ce Policy brief analyse la façon dont le système socio-fiscal soutient le revenu disponible des parents ayant la garde principale des enfants, ainsi que celui des parents n'ayant pas la garde principale des enfants. Nous montrons que le système fiscal et social traite moins favorablement les parents gardiens et non-gardiens qui perçoivent le RSA ou la prime d'activité que ceux qui sont imposables. Paradoxalement, dans certains cas, le recouvrement des pensions alimentaires réduit le niveau de vie des parents gardiens, ceux parmi les plus précaires. Ainsi, en l'état actuel du système, un meilleur recouvrement des pensions alimentaires conduirait à appauvrir ces foyers monoparentaux aux revenus modestes. En corollaire, cela impliquerait une baisse des dépenses sociales en direction des familles monoparentales alors qu'elles sont les plus affectées par la pauvreté (taux de pauvreté de 35, 3 %, Insee, France Portrait social, 2020). Pour corriger ces incohérences et plus largement pour soutenir le niveau de vie des parents gardiens et non-gardiens ayant de faibles revenus, et donc celui de leurs enfants, nous évaluons deux réformes dont le coût total s'élève à environ un milliard d'euros par an : Réforme 1 concernant l'ASF et la CEEE (coût estimé environ 950 millions par an) ■ Exclure l'Allocation de soutien familial (ASF) des bases ressources du RSA et de la prime d'activité afin de garantir le bénéfice intégral de cette prestation aux parents isolés sans ex-conjoint ou dont l'ex-conjoint est hors d'état de verser une pension et ceci quel que soit leur revenu. ■ Appliquer un abattement à hauteur de l'ASF sur la CEEE (pension alimentaire) incluse dans les bases ressources des prestations sociales pour réduire le taux marginal effectif d'imposition sur la CEEE que perçoivent les parents gardiens dont les revenus sont faibles. Cette réforme (volets ASF et CEEE) réduirait le taux de pauvreté des familles mono-parentales (seuil de 60 % du revenu médian) de 4, 5 points de pourcentage, et permettrait de faire sortir de la pauvreté plus de 140 000 enfants de moins de 18 ans. Réforme 2 concernant les aides au logement (coût estimé : moins de 100 millions d'euros par an) ■ Accorder aux parents non-gardiens qui hébergent leur(s) enfant(s) au moins 25 % du temps la moitié des suppléments d'aide au logement auxquels ils auraient droit s'ils avaient la garde principale des enfants. |
| Keywords: | niveau de vie, parents isolés, familles mono-parentales, système socio-fiscal, pensions alimentaires, revenus |
| Date: | 2021–06–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03381960&r=age |
| By: | Maria Noel Pi Alperin; Magali Perquin; Giordana Gastón |
| Abstract: | This paper uses long-term population projections to study the evolution of dementia in Luxembourg through 2070, as well as its impact on public expenditure through healthcare and long-term care. We extend the Giordana and Pi Alperin (2022) model by adding an algorithm to identify individuals suffering from dementia. This allows us to simulate dementia prevalence among individuals aged 50 and more in several scenarios incorporating alternative hypotheses about risk factors, new treatments and comorbidities (including long-run effects of COVID-19). Public health policies reducing stroke and hypertension risk could lower dementia prevalence by 17% and public expenditure on healthcare for dementia patients by a similar amount. A new treatment extending the mild dementia phase could nearly double prevalence and possibly triple the associated healthcare costs. Finally, past exposure to COVID-19 could raise prevalence by 12% to 24% in the medium term and public expenditure on dementia healthcare by 6% to 12%. Public expenditure on long-term care for dementia patients would increase even more, generally doubling by 2070. |
| Keywords: | Dementia; Luxembourg; Dynamic micro-simulation; SHARE; Healthcare; Health-related public expenditure; Long-term care |
| JEL: | D03 H30 I10 I12 I18 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2023-01&r=age |
| By: | Holger Strulik; Volker Grossmann |
| Abstract: | In this paper, we develop a life cycle model in which health and longevity are threatened by infectious and chronic diseases. The model captures that the susceptibility and severity of infectious diseases depend on the accumulated health deficits (immunosenescence) and that the life history of infections affects the accumulation of chronic health deficits (inammaging). Individuals invest in their health to slow down health deficit accumulation and take measures to protect themselves from infectious diseases. We calibrate the model for an average American and explore how health expenditure, life expectancy, and the value of life depend on individual characteristics, medical technology, and the disease environment. We then use counterfactual computational experiments of the U.S. epidemiological transition 1860-2010 to show that the decline of infectious diseases caused a substantial decline of chronic diseases and contributed more to increasing life expectancy than advances in the treatment of chronic diseases. Finally, we use the model to investigate behaviour and long-term health outcomes in response to the Covid-19 pandemic. We predict that the pandemic will shorten the life expectancy of middle-aged people almost as much as that of older people because of inammaging and the self-productivity of health deficits. |
| Keywords: | health behaviour, infections, health deficits, longevity, epidemiological transition, Covid-19, immonuosenescence, inflammaging |
| JEL: | D15 I10 I12 J24 J26 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10141&r=age |
| By: | BAZOLI Nicola; PODESTÀ Federico |
| Abstract: | This study builds on previous efforts to refine the Monitoring Framework on access to social protection for workers and the self-employed. None of the indicators currently included in the Monitoring Framework aims at measuring the adequacy of social protection when a risk materialises. This gap should not be overlooked given that any type of social programme is aimed at effectively protecting individuals when they face a certain need. Accordingly, new indicators are proposed exploiting the approach ideated by Podestà and Marzadro (2017) to operationalise the decommodification outcomes of different social programmes. The adequacy of a certain social programme can be thus measured through the percentage of individuals not at risk of poverty who interrupt their job activity. The adequacy level was computed for pension and unemployment benefits for EU27 countries over the 2014-2020 period using EU-SILC data. The adequacy of public pension is significantly higher than that guaranteed by unemployment benefits. The adequacy levels were also estimated simulating that retirees and unemployed individuals leave their respective households to live alone in order to capture the sole contribute of pension and unemployment benefits, respectively. The results were not unexpected: neutralising the family role in protecting retirees and unemployed individuals, pension and especially unemployment benefits result much less capable to provide an adequate protection. |
| Keywords: | social protection, risk materialisation, unemployment benefits, pensions, adequacy, decommodification |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc131292&r=age |
| By: | Junichi Kikuchi; Ryoya Nagao; Yoshiyuki Nakazono |
| Abstract: | We examine how the COVID-19 contagion influences consumer expenditure patterns. We show that the consumption expenditure responses to the spread of the COVID-19 pandemic are significantly different between the older and younger generations. We find that older adults spend less than the younger generation by at least 5% during the pandemic. In fact, those aged above 60 significantly decrease their spending even on food and drink products by 13%. We also find that older adults forgo shopping in favor of the younger generation. These responses might be due to the fear of COVID-19 infection (Immordino et al., 2022). |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:toh:tupdaa:31&r=age |
| By: | Xidong Guo; Sarah Parlane (School of Economics, University College Dublin, and UCD Geary Institute for Public Policy, University College Dublin) |
| Abstract: | This paper proposes a normative analysis which investigates the optimal management of private practices within a public hospital. Private income supplementation induces consultants to attend to more patients which reduces waiting lists and the public cost of healthcare. It is however optimal to cap the consultants’ private income, regardless of seniority. When first-degree discrimination is possible, the more productive (senior) consultants receive a higher private income than their junior counterparts when priority is given to shortening waiting lists. However, they must charge a lower fee when priority is given to protecting the private patient's consumer surplus. When discrimination is not possible, the design of envy-free contracts enables senior consultants to extract rents and these rents increase with the private fee charged by their junior colleagues. As a result, and in this situation, junior consultants systematically get a lower private supplemental income when working alongside senior consultants. |
| Keywords: | Public Hospital; Senior Consultants; discrimination; Healthcare |
| JEL: | D86 I11 I18 L32 |
| Date: | 2023–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:ucd:wpaper:202301&r=age |