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Type: Journal Articles Authors: Orazio Attanasio and Agar Brugiavini
Published in: Quarterly Journal of Economics
Volume, issue, pages: Vol. 118, No. 3, pp. 1075 - 1120
This paper provides new evidence on the substitutability between private and pension wealth by exploiting the Italian pension reform of 1992. We use a difference- in-difference estimator that exploits the differential effects of the reform on individuals belonging to several year-of-birth cohorts and different occupational groups. We find convincing evidence that saving rates increase as a result of a reduction in pension wealth. By allowing for the possibility that substitutability changes with age, we find that substitutability is particularly high (and precisely estimated) for workers between 35 and 45.
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