|Title||Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents|
|Publication Type||Journal Article|
|Year of Publication||2016|
|Authors||Tyrowicz, J, Makarski, K, Bielecki, M|
|Journal||IZA Journal of Labor Policy|
|Keywords||Economics, Pensions, Retirement Age, Welfare|
We analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if increase in the retirement age is phased in a way that allows agents to adjust, welfare is not reduced and welfare effects have a similar magnitude and between-cohort distribution in both types of the pension systems.
|Short Title||IZA J Labor Policy|