The Consumption and Wealth Effects of an Unanticipated Change in Lifetime Resources
The Consumption and Wealth Effects of an Unanticipated Change in Lifetime Resources
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DOI：
10.1287/mnsc.2015.2192
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发表时间：
2016-05-01
影响因子：
5.4
通讯作者：
Padula, Mario
中科院分区：
文献类型：
--
作者：
Jappelli, Tullio;Padula, Mario
2000年，意大利用新制度取代了传统的公职人员遣散费制度。旧制度下，遣散费与退休前的最终工资成正比；在新制度下，它与终生收入成正比。这项改革会给未来几代公职人员带来巨大损失，根据资历不同，损失在 (原文如此)20,000 至 (原文如此)30,000 之间。我们使用双重差分框架来估计终身资源的这种意外变化对受改革影响的员工当前消费和财富积累的影响。根据理论模拟，我们发现遣散费每减少一欧元，平均消费倾向就会降低 3 美分，财富收入比会增加 0.32。对于年轻工人和配偶双方都是公共部门雇员的家庭来说，这种反应更为强烈。
In 2000, Italy replaced its traditional system of severance pay for public employees with a new system. Under the old regime, severance pay was proportional to the final salary before retirement; under the new regime it is proportional to lifetime earnings. This reform entails substantial losses for future generations of public employees, in the range of (sic)20,000-(sic)30,000, depending on seniority. Using a difference-in-difference framework, we estimate the impact of this unanticipated change in lifetime resources, on the current consumption and wealth accumulation of employees affected by the reform. In line with theoretical simulations, we find that each euro reduction in severance pay reduces the average propensity to consume by 3 cents and increases the wealth-income ratio by 0.32. The response is stronger for younger workers and for households where both spouses are public sector employees.